KARACHI: Shares extended gains on Friday with the Pakistan Stocks Exchange’s (PSX) benchmark 100-share index rising by 104.87 points, or 0.34 per cent, to close at 31,298.60.
The local bourse picked up the bullish momentum as the regional markets remained positive on account of increase in price of crude triggered by reports that Saudi Arabia had proposed to cut oil production.
A flurry of buy orders carried the index up by 268 points at the start of the session, though the gains stood trimmed in the second half on account of profit-taking by investors and rollover of positions to February futures contract from January futures.
The results season enticed investors to participate in the market, which saw increase in turnover to 141 million shares of the trading value of Rs9.35 billion, up from 86m shares valued at Rs6.09bn seen a day ago. Foreigners sold stocks worth $3.69m on Friday, taking this month’s outflow to $49.80m.
“During the trading session, fundamentals drove the market as expectation of exceptional quarterly earnings by cement sector meant that the sector once again remained in the limelight of investors,” dealers at Global Securities said.
Imran Ali at Invest and Capital Securities observed that cements, power, textile and electronic and electrical goods dominated the market.
In cement sector, DGKC (3.57pc), FCCL (2.21pc), LUCK (2.33pc) and FECTC (3.6pc) all closed in the green zone.
ABL was down 1.89pc and BAHL 1.51pc as proposed cut in petroleum prices strengthened investors anticipation of interest rate cut in monetary policy announcement today.
The index plunged by 1,517.71 points (4.62pc) in January, with major contribution to the downside coming from HBL, MCB, POL, UBL and OGDC.