Bullish momentum was witnessed at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 index gained over 1,000 points during trading on Friday.
The KSE-100 started the session with a strong buying spree that continued till end of the session. It reached in intra-day high of 75,953.74.
At close, the benchmark index settled at 75,878.48, up by 1,000.35 points or 1.34%.
“This positivity can be attributed to recovery in market where index declined by 1,100 points from start of the week to yesterday’s close,” brokerage house Topline Securities said in its post-market report.
Major positive contribution to the index came from SYS, HUBC, MEBl, ENGRO, FFC & MCB, as they cumulatively contributed 548 points to the index. Traded volume and value for the day stood at 520.7 million shares and Rs20.42 billion respectively. KEL was today’s volume leader with 61.9 million shares.
On Thursday, a range-bound session was witnessed at the PSX with the benchmark KSE-100 Index inching up by only 42 points to settle at 74,878.12.
On week-on-week basis, KSE-100 increased by 6.72%.
“This gain can be attributed to IMF team visit to Pakistan and news that talks have ended on positive note where there has been significant progress towards reaching staff level agreement,” Topline said.
Globally, Asian stocks inched higher on Friday, while the dollar was steady, keeping the pressure on the yen, as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally.
A downward revision to consumer spending meant the US economy grew more slowly than expected in the first quarter, data showed on Thursday, weighing on Treasury yields and the dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.20%, pushing away from the three-week low hit on Thursday. Analysts said month-end rebalancing by fund managers helped lift equities in the region.
The index was set for a gain of 2.7% in May, rising for the fourth straight month.
American Dollar Exchange Rate