Pakistan Stock Exchange (PSX) closed 924 points higher on the back of buying spree in the last session amid strong valuations.
The benchmark KSE 100 index closed 924 points up to settle at 40556 points after the last session bull propelled the market to cross the psychological barrier of 40000 points level.
The market opened in the green on Friday, the last trading day of the week. Within minutes of the trade opening, the index gained over 100 points. However, this proved short-lived as the market plunged into the red zone. Since then the index moved both ways during the first session. The market remained range bound till the Friday prayers’ break.
When trading resumed after the break, bullish trend gripped the market and it gained nearly 1000 points on the back of across the board buying. During the trading on Friday, 237,217,740 shares changed hands at the market.
Commenting on the trading, senior analyst and chief executive officer (CEO) of Arif Habib Corp Ahsan Mehnati said that stocks closed bullish led by scrips across the board on strong valuations.
He added that investor speculations remained in blue chips stocks ahead of Prime Minister’s visit to China to prop up finances.
Strong financial results in cement, steel and energy sector, recovery in global crude oil prices, likely surge in foreign reserves and remittances in FY19 played a catalyst role in bullish close, he opined.
On Friday trading held in the shares of 396 companies out of which share price of 276 increased while share prices of 104 companies decreased. Whereas share prices of 14 companies remained unchanged.
Nestle Pakistan was the top gainer in term of per share gains followed by Rafhan Maize. The share price of Nestle Pakistan increased 445 per share to Rs 9445 while the share price of Rafhan Maize increased by Rs258.75 per share to close at Rs 7478.75.
Colgate Palm was the biggest loser in term of per share loss followed by Sanofi Aventis. The share price of Colgate Palm fell by Rs127 per share to close at Rs 2453 while the share price of Sanofi Aventis deceased by Rs45.75 per share to close at Rs869.38.