The Pakistan Stock Exchange witnessed a bullish trend in the beginning of the week, KSE–100 Index up by more than 1607 points on the intraday basis.
KSE-100 index gained 1565.63, or 3.22 pc by the close of Monday’s trading session to reach 50120.93. The Market recorded its First positive finish in almost a week as the market went underwent massive selling pressure last week
The market remained positive throughout the whole trading session as it showed recovery after the KSE-100 Index declined by 7.8% during the outgoing week because the Net Foreign Inflows were below the investors’ expectations. The market closed on the worst note ever last Friday. In four days of trading, the market lost almost 4,000 points and market cap worth Rs653bn was incinerated in a selling frenzy the likes of which has rarely been seen. Inclusion in MSCI Emerging Markets Index and higher rates of taxes announced in the federal budget 17-18 caused the correction in the market last week.
Overall, volumes surged to 255 million shares, while in KSE 100 index 99.9 million shares changed hands with a total worth of nearly Rs 11.32 billion.
COMMERCIAL BANKS was the top traded sector with total traded volume of 53,799,200 shares. It was followed by CEMENT with a total traded volume of 38,844,600 shares and ENGINEERING sector with a total traded volume of 26,308,100.
Banking, cement and oil stocks helped the index to move forward as shares included in the MSCI Pakistan Index led the gains
Shares of 389 companies were traded. At the end of the day, 317 stocks closed higher, 53 declined while 19 remained unchanged.
Bank of Punjab (R) was the volume leader with 26.03 million shares, gaining Rs 0.27 to close at Rs 1.56 It was followed by Power Cement (R) with 19.77 million shares, gaining Rs 0.23 to close at Rs 2.32, K-Electric with 14.06 million shares, gaining Rs 0.34 to close at Rs 7.58 and Bank of Punjab with 9.21 million shares, gaining Rs 0.97 to close at Rs 13.40.
The top advancers of the market were:
Top decliners of the market were:
The closing price formula has been reverted back with effect from today i.e. Monday 5th June, 2017 to last 30 minutes volume weighted average prices as per standard practice.
In a bid to handle the expected foreign trade orders over the last week when Pakistan was upgraded to MSCI Emerging Market. The temporary changes in the formula were made in place for about one week (May 26 to June 2, 2017). The closing price of all shares were the average price in the last two hours of the trading.