KARACHI: Stocks snapped a five-day losing streak as the KSE-100 index added 167.41 points (0.50 per cent) to settle at 33,739.54 on Friday.
The benchmark index started on a firm note as investors scrambled to pick up shares in the oil and gas exploration and production firms.
In the first session, the relentless buying pressure pushed the index up by 274 points. The second half saw some profit booking as the global oil prices eased off and the investors’ attention again shifted to the local political situation.
Except those who decided to throw caution to the winds, most investors thought discretion to be better part of valour even as the prime minister was to address the nation later in the day. They therefore decided to avoid long positions.
Volumes were thin at 208m shares. Analyst Imran Ali at Invest and Finance Securities calculated that the volume came close to the previous 10-day average of 214m shares.
Trading value also dipped to Rs8.6 billion as nine of the ten volume leaders, save OGDC, represented the second-tier, low value stocks.
Analyst Ahsan Mehanti at Arif Habib Corp said: “Speculations on upbeat data for oil and auto sales for March 2016 played a catalyst role in positive close in the quarter-end earnings announcement session at PSX.”
Dealers at Global Securities observed that the market remained positive throughout the day.
PPL (up 3.98pc) was the top performer.
Several important result announcements were made on Friday; where HBL (down 0.24pc), DGKC (1.14pc) and INDU (0.46pc) failed to impress investors as the earnings were relatively in line with expectations.