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Stocks open new week on positive note

Stocks open new week on positive note

KARACHI: The Pakistan Stock Exchange started new week on positive note and added 108 points to reach 41731 level in early trading on Monday.

On Friday, the stocks witnessed another lacklustre session on Friday as the 100-share index traded between an intra-day high of +105 points and a low of -412 points to finally close down 246 points at 41,623 points.

Volumes stood at 83 million shares as compared to 57 million shares for the previous trading session. KEL (-1.80%) led the volumes with 6 million shares of the power generation company changing hands. Despite dull activity, stock market appeared to consolidate as prices have fallen down to attractive levels. On the economic front, foreign exchange reserves continued downward trend and declined by $219m to $17.067b. Mixed sentiment were witnessed in the banking sector where MCB (+1.01%) and UBL (+0.64%) closed positive, while on the flipside HBL (-0.44%) and NBP (-0.88%) lost value to close in the red. Cement sector continued its declining trend as heavyweights such as FCCL (-2.49%), LUCK (-2.26%), PIOC (-0.99%) and CHCC (-1.44%) lost value to close in the red zone.