KARACHI: Pakistan stocks bounced back Friday with an increase of 550 points or 1.5 percent amid talks for formation of stock market support endowment, traders said.
Danish Ladhani, analyst at JS Research, said Pakistan equities closed its week Friday on a positive note with benchmark KSE100 Index gaining 550 points.
“Market bounced back in the second half as interest came in from individuals and institutions after the reported rumors that some government owned institutions are likely to form a stock market support endowment ahead of MSCI review,”
He said, “We expect local equity market to remain choppy and volatile. We recommend investors to stay cautious in the short run ahead of MSCI rebalancing and conclusion of IMF meeting.”
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index increased 550.23 points or 1.50 percent to 37,337.87 points against 36,787.64 points recorded in the last session. The highest index of the day remained at 37,420.92 points while the lowest level of the day was recorded at 36,741.70 points.
KSE-30 Index also rose 271.53 points or 1.56 percent to 17,650.55 points.
Turnover improved by 46 million shares to 189.35 million shares from 143.79 million shares. Trading value increased to Rs5.34 billion from Rs4.41 billion while market capital expanded to Rs7.64 trillion from Rs7.55 trillion. Out of 352 companies’ active in the session, 282 closed in green, 54 in red while 16 remained unchanged.
Pakistan stocks bounced back where highest increase was recorded in shares of Rafhan Maize XD, which rose Rs317 to Rs6,672 per share, followed by Unilever Foods XD that increased Rs299 to Rs6,799 per share. Major decline was noted in shares of Philip Morris Pak, which fell Rs200 to Rs3,800 per share, followed by Island Textile that decreased Rs94.74 to Rs1,800.25 per share.
Significant turnover was recorded in stocks of Bank of Punjab XD, Unity Foods (R), K-Electric Ltd, WorldCall Telecom, Fauji Cement, Lotte Chemical, Maple Leaf Cement, TRG Pak Ltd, Unity Foods Ltd and Pak Elektron.
Shares’ turnover in the future contracts dropped to 52.58 million shares from 54.39 million in the previous session.