PSX gains 123 points amid selling activity

Benchmark index rises 0.34% to settle at 35,703.81

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ISLAMABAD/ LAHORE/ KARACHI
The stock market ended with gain of 123 points on Friday despite selling activity observed at the end of the trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,704 points as against 35,581 points showing an increase of 123 points. However, profit booking started soon that took the index in negative territory. Although buying activity was not observed across the board, bulls were still found to be in control, which took the index up by 185 points. Cement Sector led the volumes today with 26.9 million shares followed by Banks (18 million). Earlier, according to a report of Arif Habib Limited, the market opened on a positive note with a gain of 54 points and trading in 3.3 million shares at the opening bell. However, profit-booking started soon, which dragged the index into the negative territory. Although buying activity was not across the board, bulls were still found to be in control, who pushed the index up by 185 points in intra-day trading. Overall, the market seemed to have taken a positive turn in anticipation of creation of the support fund, which was likely to get the go-ahead next week. Despite uncertainty, the cement sector outperformed the market and most of the stocks in the sector remained in the black — VoM

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