Pakistan Stock Exchange keeps bullish for sixth day

The Pakistan Stock Exchange (PSX) recorded bullish trading activities for sixth straight day on Friday in line with the regional stock markets where Hong Kong and Japan surged after Bank of Japans negative interest rate move.

The Pakistan Stock Exchanges (PSX) benchmark KSE 100-Index increased by 0.34 percent or 104.87 points to 31,298.60 points on Friday when compared with 31,193.73 points recorded on Thursday. During the six-day bullish rally, the main index has accumulated 546.80 points.

The KSE All Share Index swelled by 0.43 percent or 95.52 points to 22,098.31 points, the KSE 30-Index gained 0.44 percent or 79.78 points to 18,179.13 points, the KMI 30-Index surged by 0.8 percent or 429.81 points to 53,835.21 points, whereas the Islamic All Share Index elevated by 0.39 percent or 58.54 to 14,996.59 points.

During Fridays trading session, the key index moved in a narrow band of 266.05 points as it touched an intraday high of 31,459.78 points as against an intraday low of 31,193.73 points.

Cement stocks were strong throughout the day on the back of cut in electricity charges where Dera Ghazi Khan Cement, Fauji Cement, and Maple Leaf Cement gained 3.85 percent, 2.34 percent, and 1.12 percent, respectively.

Market volumes improved by 64.98 percent or 55.715 million shares to 141.455 million shares on Friday when compared with 85.739 million shares posted on Thursday. During the week that ended on Friday, the Pakistani equity market recorded total volume of 583.95 million shares at average daily turnovers of 116.789 million shares.

Market capitalization ballooned by 0.37 percent or 24.927 billion rupees (244.384 million U.S. dollars) to 6.699 trillion rupees (65.677 billion dollars) whereas trade value bolstered by 53.69 percent or 3.267 billion rupees (32.035 million dollars) to 9.354 billion rupees (91.707 million dollars).

Among 318 active scrips on Friday, prices of 154 issues advanced, 141 declined, whereas values of 23 other companies stayed unchanged.

Karachi Electric Limited, Pak Elektron XR, and Fauji Cement were the top traded companies with turnovers of 11.047 million shares, 10.296 million shares, and 9.490 million shares, respectively.

Unilever Foods was the top price gainer with increment of 290 rupees (2.84 dollars) to 6,090 rupees (59.70 dollars) while on the other hand Hinopak Motor led the major price shedders with decrement of 54.36 rupees (53.29 cents) to 1,032.95 rupees (10.12 dollars).