KARACHI: Pakistan stocks recovered 1.3 percent on the closure of week on Friday, as investor interest increased amid narrowing down current account deficit, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed bullish amid upbeat data on current account deficit narrowing down by 29pc for Jul-Mar’19 to $9.58bn.
Mid-session pressure remained on concerns over dismal data on FDIs falling by 51pc to $1.273 billion for Jul-Mar’19 and falling foreign exchange reserves.
“Speculation on positive outcome of new finance minister appointment ahead of discussions over IMF bailout package and rupee stability played a catalyst role in bullish close in the late session rally at PSX,” he said.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recovered 480.61 points or 1.31 percent to 37,292.47 points against 36,811.86 points recorded in the last session. The highest index of the day remained at 37,728.11 points while the lowest level of the day was recorded at 36,811.86 points.
KSE-30 Index also increased 280.84 points or 1.61 percent to 17,739.37 points.
Turnover, however, dropped by 39 million shares to 177.35 million shares from 216.24 million shares. Trading value increased to Rs6.63 billion from Rs5.17 billion while market capital expanded to Rs7.56 trillion from Rs7.48 trillion. Out of 334 companies’ active in the session, 241 closed in green, 78 in red while 15 remained unchanged.
Highest increase was recorded in shares of Nestle Pakistan XD, which rose Rs360.50 to Rs7,900 per share, followed by Rafhan Maize XD that increased Rs196 to Rs7,195 per share. Major decline was noted in shares of Hinopak Motor, which fell Rs20.58 to Rs391.13 per share, followed by Mari Petroleum that decreased Rs14.62 to Rs1,178.96 per share.
Significant turnover was recorded in stocks of Bank of Punjab XD, K-Electric Ltd, Pak Elektron, WorldCall Telecom, Sui Northern Gas Pipelines Ltd, Pak Int. Bulk, Pioneer Cement, Nimir Resins and TRG Pak Ltd.
Shares’ turnover in the future contracts decreased to 70.40 million shares from 78.75 million in the previous session.