PSX witnessed bullish trend on Friday

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KARACHI

The benchmark KSE-100 index extended its rally from the previous day as bulls dominated trading on Friday, supporting the index cross the 39,000-point mark after nine months.

The index shot up as soon as trading began and heavy buying continued in the first session, which closed with a gain of nearly 450 points. The second session further lifted the index but selling pressure towards the end wiped off some of the gains.

At close, the benchmark KSE 100-share Index recorded an increase of 581.38 points, or 1.5%, to settle at 39,287.65.

Though the exploration and production sector remained positive, even better performance was seen in refinery and oil marketing sectors.

Banks realized trading volume of 86 million shares, mainly contributed by The Bank of Punjab (51.8 million) and BankIslami (12.8 million).

Chemical and cement sectors trailed banks with trading in 37.7 million and 35.5 million shares respectively.

Among individual stocks, The Bank of Punjab was followed by Pak Elektron (20.1 million shares) and K-Electric (16.4 million), the report added.

Overall, trading volumes increased to 431.9 million shares compared with Thursday’s tally of 348.5 million. The value of shares traded during the day was Rs14.5 billion.

Shares of 407 companies were traded. At the end of the day, 299 stocks closed higher, 92 declined and 16 remained unchanged.

The Bank of Punjab was the volume leader with 51.8 million shares, gaining Rs0.43 to close at Rs11.62. It was followed by Pak Elektron with 20.1 million shares, gaining Rs0.45 to close at Rs27.1 and K-Electric with 16.4 million shares, gaining Rs0.09 to close at Rs4.2.

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