Stock Market Manages to Close Higher After Volatile Trade

Stocks remained under pressures on Pakistan Stock Exchange owing to volatility in the market on the second consecutive day on Friday.

The market managed to close 21.50 points higher after a volatile trading day. The benchmark KSE 100 index of the market closed at 41388 points level.

The market opened in the red. The index plunged soon after the market opening and within 10 minutes it lost nearly 150 points. The market remained in the red in the first session.


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However, in the second session after the Friday prayers’ break, buying was witnessed in selected scrips that supported the market to venture into the green zone.

The market managed to close in the green after stocks showed recovery fueled by upbeat data on exports. On Friday, 139,975,090  shares changed hands at the market.

Commenting on the trading, senior analyst and chief executive officer of Arif Habib Corp Ahsan Mehnati said socks showed recovery as investors weigh upbeat data on exports. The positive sentiments were also driven by the likely surge in the exports amid Chinese commitments during Prime Minister’s visit last week.

He added major fall in global equities and global crude prices invited mid-session pressure. Investors speculations ahead of announcements on IMF bailout package and financial assistance from China, UAE to ease external account crises played a catalyst role in bullish close at PSX, he opined.

Trading held in the shares of 369 companies on Friday. Out of these, share prices of 217 companies surged while the share prices of 126 companies decreased.


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The share price of 26 companies remained unchanged.

Island Textile was the biggest gainer in term of per share gains followed by Sapphire Tex. The share price of Island Textile increased by Rs 61.60 to close at Rs 1639 while the share price of Sapphire Tex increased by Rs49.87 to close at Rs1249.85. Colgate Palm was the biggest loser in term of per share loss followed by Sapphire Fiber.

The share price of Colgate Palm fell by Rs 99 to close at Rs2301 while the share price of Sapphire Fiber decreased by Rs 42.93 to close at Rs819.87.