Pakistan Stock Exchange marches towards 35k-mark

The Pakistan Stock Exchange (PSX) recorded fourth straight day of bullish trade on Friday as investors remained upbeat on local banks as Habib Bank and MCB Bank led the rally for second day on the trot.

The Pakistan Stock Exchange's benchmark KSE 100-Index elevated by 0.63 percent or 215.65 points to 34,719.29 points on Friday when compared with 34,503.64 points reported on Thursday. During the week that ended on April 29, the main index jumped by 979.75 points. During the four-day bullish rally, the main index has collected 1,034.73 points.

The KSE All Share Index gained 0.6 percent or 144.01 points to 23,953.98 points, the KSE 30-Index increased by 0.91 percent or 183.03 points to 20,205.61 points, the KMI 30-Index declined by 0.13 percent or 80.02 points to 60,532.83 points, whereas the Islamic All Share Index dipped by 0.19 percent or 30.98 points to 16,254.48 points.

During Friday's trading session, the main index moved in a broader range of 424.53 points as it touched an intraday high of 34,882.47 points when compared with 34,457.94 points.

Market volumes shed 5.67 percent or 15.313 million shares to 254.722 million shares on Friday when compared with 270.035 million shares posted on Thursday. During the week under review, the top Pakistani bourse registered total volumes of 1.212 billion shares at average daily turnovers of 242.432 million shares.

Market capitalization gained 0.6 percent or 42.723 billion rupees (418.853 million U.S. dollars) to 7.205 trillion rupees (70.646 billion dollars) whereas trade value slipped by 8.32 percent or 1.209 billion rupees (11.859 million dollars) to 13.334 billion rupees (130.73 million dollars).

Among 364 active scrips on Friday, prices of 197 issues depleted, 153 advanced, whereas values of 14 other companies stayed unchanged.

Bank of Punjab, Sui Northern Gas Pipelines Limited, and Pak Elektron Limited were the top traded companies with turnovers of 20.415 million shares, 15.557 million shares, and 15.505 million shares, respectively.

Philip Morris Pakistan was the top price gainer with increment of 70.57 rupees (69.19 cents) to 1,745.47 rupees (17.11 dollars) while on the other hand Sapphire Textiles led the major price shedders with decrement of 38.32 rupees (37.57 cents) to 728.18 rupees (7.13 dollars).