KARACHI – Stock market closed at fresh record high on Friday as the benchmark 100-share index, led by cement and banking stocks, gained another 145 points and closed at 42,849 points. Oil stocks were battered on lower global crude prices.
Concerns for foreign outflows, soaring trade deficit, falling home remittances for Jul-Oct’16 invited intra-day pressure. Rising global stocks and institutional interest after World Bank report predicted 5.4pc economic growth for ’18 amid subdued political noise played a catalyst role in record close in the late session rally at PSX.
LUCK, MLCF and DGKC gained between 1.7%-5%. Stocks contributed 94 points to the gain in index. Mid cap banks continued to perform as FABL closed at its upper limit of 5.5% while MEBL and BAHL gained 2.6% and 1.6% respectively. PIA and BOP led the volumes with 59m and 53m shares traded respectively.
Overall, volumes decreased by 3.3% to 541m shares, while value declined by 11% Rs17b/$163m. Of total 434 active scrips that participated in the session, 214 closed in minus, 206 in plus while 14 remained unchanged.