KARACHI – The bull-run continued at the Pakistan Stock Exchange on Friday, the last trading day of the week, as the benchmark 100-share index touched new highs of 40,340.23 points after gaining 203.30 points (0.5%).Staggering volumes were observed just ahead of Eid holidays, crossing 600m shares.
Positivity prevailed on the last trading session before the long weekend. Major activity was witnessed in the second and third tier stocks. Automobile sector continued its positive momentum on the back of depreciating Yen prices amid BOJ chief’s statement earlier this week that BOJ’s review later this month won’t result in any reduction in monetary stimulus.
ASTL (2.16%) gained as the steel manufacturer declared its result for FY16.In its result announcement, company posted EPS of Rs5.81 along with a cash dividend of Rs2/share, stated analyst Nabeel Haroon.
Volumes increased by 12.7% to 637m shares, whereas the value remained flat at Rs16.2b/$155m.
Volumes were led by BOP, DSFL and TRG with 140m shares traded. Interest led BOP, SSGC and HCAR to close at their upper limits of 5%.MTL announced its consolidated EPS of 46/share along with cash dividend of Rs 30/share. Stock gained 3.8%.
ASTL gained by 2% as it announced EPS of 4.8/share along with 2 Rs cash dividend, said dealers at Topline brokerage. Brokers expect the market to continue its positive momentum.