Pakistan Stock Exchange (PSX) on Friday gained some 146 points on a day when the market moved both ways.
The benchmark KSE-100 index closed at 40998 points, some 146 points up compared to the last day’s trading. During the trading, the index hit the highest level at 41047 points and dipped to the lowest at 40622 points.
Trading was held in the scrips of some 372 companies on the market. Out of the 372, the share price of 177 companies increased while the price of 178 companies decreased. The share price of 17 companies remained unchanged.
Pakistan Tobacco was the market leader in terms of share price gain. Its shares increased by Rs. 177 per share to close at Rs. 2,516. The shares of Island Textile posted a gain of Rs. 77 per share. With the gain of Rs. 77, the share price of the textile mill increased to Rs 1,626 per share.
Weyth Pak Ltd was the top loser of the day. Its share price decreased by Rs. 49 per share to dip to Rs. 1,149.
Commenting on the trading, Ahsan Mehnati of Arif Habib Corp, said stocks showed signs of recovery led by selected scrips across the board as investors weighed in on the UNCTAD report hinting at the government’s choice to go for an IMF programme to stave off a possible balance of payment crisis.
He added that dismal data on fertilizer sales for Jan-Aug’18 invited mid-session pressure in the sale of fertilizer scrips.
He added that speculations ahead of SBP’s key policy rate announcement invited interest in banking stocks. The analyst said that higher global oil prices supported the oil stocks. He explained that during the trading on last day, auto, steel, and cement sectors outperformed on a strong earnings outlook amid likely continuation of CPEC projects.
Analysts are of the view that the stock market will decide its direction in the next week as investors are eagerly waiting for the central bank to announce the key policy rate.
The State Bank will announce its monetary policy on Saturday, September 29 after which the market will determine its course.