KSE-100 extends gains in volatile trading
Benchmark index rises 169.88 points to settle at 35,572.95
The stock market endured a volatile session on Friday but it still managed to close with a gain of 170 points in the KSE-100 index, which was its fourth successive session in the positive. The bullish trend continued at the bourse in anticipation of likely execution of a market support fund next week. Mid-session pressure emerged because of weak automobile sales data for May 2019 and an all-time low the rupee hit against the greenback. Cement and exploration and production sectors were the major gainers where DG Khan Cement (+5%), Maple Leaf Cement (+5%), Kohat Cement (+5%) and Cherat Cement (+5%) hit their respective upper circuits whereas Lucky Cement (+3.8%) also moved up. In the exploration and production sector, Pakistan Petroleum (+0.6%), Oil and Gas Development Company (+1.3%) and Pakistan Oilfields (+1.2%) remained in the green. Mixed sentiments were seen in the financial sector where HBL (-0.4%), UBL (-0.8%) and MCB Bank (-0.3%) remained in the red, however, Bank AL Habib (+1.8%) was positive. Average daily traded value stood at $48 million, up 31% and volumes stood at 168 million shares, up 9%. Major contribution to the total market volume came from Maple Leaf Cement (+5%), TRG Pakistan (+5.5%) and Fauji Cement (+6.3%).