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Stocks open positive adding 73pts

Stocks open positive adding 73pts

KARACHI: Pakistan Stock Exchange (PSX) Friday opened on positive note and gained 73 points to reach 44896 points level in early trading.

On Thursday, the stocks witnessed another bearish session as the benchmark KSE 100-index, after trading between an intra-day high of 166 points and intra-day low of 853 points, closed at 44,823 points, declining by 590 points.

Major laggards of the index were LUCK (-2.43%), HUBC (-2.28%) and FFC (-3.36%). E&P sector lost value to close in the red zone on back of oil prices retreating by about 4 percent, ending their longest bull-run in more than five years. POL (-2.50%) and PPL (-1.07%) were the major loosers of the sector. Selling pressure was seen in the cement sector where POIC (-4.95%), LUCK (-2.43%) and DGKC (-1.66%) lost value to close in the red trajectory.

Volumes stood low at 146m shares versus 204m shares traded in the previous session. While traded value also declined to Rs8b/$87m.