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PSX starts week on positive note with 400pts gain

PSX starts week on positive note with 400pts gain

KARACHI: The Pakistan Stock Exchange (PSX) on Monday started the week on a positive note, with the benchmark KSE-100 Index gaining 400 points to close at 43,411.

The benchmark opened higher and showed bullish activity throughout the session, with Friday’s close of 43,011 points remaining the day’s low. The market reached a day’s high of 43,479 points near the close of trading.

In all, 109.7 million shares worth Rs4.5 billion changed hands during the session. Of the 351 traded scrips, 189 advanced, 139 declined and 23 remained unchanged.

Overall, the chemical sector dominated trading with 24.17m shares traded, while communication and vanaspati and allied industries scrips followed with 12.43m and 9.60m shares changing hands.

On Friday, the stocks closed another trading week with negative session as benchmark concluded at 43,011 points, declining by 61 points.

Trading started on a positive note but at a slow pace. News of US imposing tariffs on import of steel dampened the mood in steel sector scrips and the same negativity carried through in blue chip scrips, including banks, cement and fertilizer.

Sectors contributing to this performance include OGMCs, shed 36 points; commercial banks 30 points and technology eroded 15 points respectively. Volumes declined from 163mn shares to 140mn shares (-14% DoD). Average traded value also declined by 18percent DoD to reach $54.5million as against $66.7 million Thursday. Stocks that contributed significantly to the volumes include ANL, PAEL, UNITY, LOTCHEM and BOP reflecting 47percent of total volumes.