Pakistan Stock Exchange ends the week on a high note with the KSE 100 index gaining +553.89 points to close at 44,337.44 points. In the first trading session, the market was dull with a low volume which closed on the negative note but made a good recovery in the 2nd half of the trading session.
The high intraday volatility has already left small individual investors on the sidelines, and there remain the big guns to decide where it goes. The Supreme Court is set to release its findings on Prime Minister Sharif’s corruption case on Monday at a time when the rupee is weak and foreign investors are skeptical.
After the recent selloff, Pakistan stocks are among the cheapest in Asia, back to levels reserved for frontier markets.
The index tested the day’s high at 44466.38 points. The day’s low of 43695.88 came towards market close. Overall the volumes were lower than yesterday, 112 million shares were traded, while in KSE 100 index only 58 million shares were traded with a total worth of nearly Rs 4.84 billion.
COMMERCIAL BANKS was the top traded sector with total traded volume of 19,921,700 shares. It was followed by CEMENT with a total traded volume of 16,003,700 shares and POWER GENERATION sector with a total traded volume of 11,654,500.
Shares of 334 companies were traded. At the end of the day, 231 stocks closed higher, 86 declined while 17 remained unchanged.
Silk Bank Ltd was the volume leader with 8.30 million shares, gaining Rs 0.05 to close at Rs 1.49. It was followed by Power Cement with 8.21 million shares, gaining Rs 0.21 to close at Rs 12.15, K-Electric Ltd 8.15 million shares, losing Rs 0.20 to close at Rs 6.59 and Sui Southern Gas with 6.18 million shares, gaining Rs 0.86 to close at Rs 39.41.