PSX gains as index rises 129 points

Benchmark index increases 0.37% to settle at 35,125.25


The stock market experienced a relatively dull session on Friday as the benchmark index posted limited gains on the last trading day of the week. FTSE rebalancing failed to have any significant impact on the market, which traded in the green throughout the day. The KSE-100 index opened upwards but continued to fluctuate sharply. Trading activity was seen in cement, power and exploration and production stocks. Late session recovery was led by selected oil, banking and fertiliser stocks on attractive valuations. Overall, trading volumes decreased to 129.3 million shares compared with Thursday’s tally of 163 million. The value of shares traded during the day was Rs4.2 billion. Shares of 313 companies were traded. At the end of the day, 122 stocks closed higher, 170 declined and 21 remained unchanged. Summit Bank was the volume leader with 19.2 million shares, gaining Rs0.01 to close at Rs0.66. It was followed by WorldCall Telecom with 15.9 million shares, with no change in value at Rs0.79 and K-Electric Limited with 12.2 million shares, gaining Rs0.11 to close at Rs4.25. Foreign institutional investors were net sellers of Rs159.5 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.— VoM

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