Significant gains and positive sentiments were visible in the Pakistan Stock Exchange on Friday as the KSE-100 Index ended the day with a 290.78 points, or 0.71 percent), gain, with the investors seeing progress in the IMF deal.
It was the announcement made by Prime Minister Shehbaz Sharif about the arrival of an IMF delegation in the coming days coupled with Chief of Army Staff Gen Asim Munir’s visit to Saudi Arabia gave this boost to the market, said Ali Nadeem – Head of Sales at National First Equity Limited (FNEL).
Moreover, Finance Minister Ishaq Dar too had said on Wednesday that Saudi Arabia and China were set to boost Pakistan’s foreign exchange reserves much before the close of this month.
When trading closed on Friday, the benchmark KSE-100 Index stood at 41,007.52 against the previous session’s value of 40.716.74, as it also managed to pass the psychological barrier of 41,000 mark in the process.
On Friday, the total volume of the benchmark KSE-100 Index stood at 113.64 million shares, an increase of 45.51 percent from 61.92 million shares traded a day earlier.
In terms of sectors, most of the positive contributions came from oil and gas exploration, technology, fertilizer, miscellaneous, and investment banks which cumulatively added 367.19 points to the index tally by the day’s end.
As far the volume leaders are concerned, K-Electric again topped the list with 27.91 million shares followed by K-Electric 17.66 million, Pakistan Petroleum 10.55 million, Oil and Gas Development Company 6.02 million and Avancen Limited 5.66 million.
However, the share prices of commercial banks were down in reaction to the reports about the government slapping windfall tax on their foreign reserve earnings.
Shares of 93 companies included in the benchmark index were traded Friday out of which 45 recorded a fall, 45 registered an increase and three remained unchanged.
It was again the Pakistan Services Limited gained the most with a 7.32 percent increase in its share price – representing a total advance of 13.85 percent in two sessions – followed by Attock Refinery 7.31 percent, CNERGY 7.14 percent, Pakistan Petroleum 6.63 percent and Avanceon Limited 6.14 percent.
On the other hand, the shares of five worst performing companies during the day were: Gadoon textile Mills 6.98 percent, Kohinoor Textile Mills 3.78 percent, Nestle 3.74 percent, Millat Tractors 2.93 percent and Air Link Communication 2.88 percent.