Pakistan Stock Exchange (PSX) KSE-100 Index extended gains as it continued its bullish momentum on Friday amid a buying rally, reported 24NewsHD TV channel.
Pakistan Stock Exchange registered 1841 points hike as its benchmark KSE100 index settled at 170884 points at the closing of the market on Friday. According to PSX press release, the trading took place in the shares of 571 companies in the stock market. The shares of 351 companies saw gains, while shares of 110 companies registered decline. Over 570 million shares, valued at more than Rs 22 billion, were traded in the stock market.
At Juma prayers break, the benchmark index was hovering at 170,865.77, up 1,822.58 points or 1.08%.
Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including LUCK, MCB, MEBL, NBP, UBL, MARI, OGDC, POL, PPL and PSO, traded in the green.
Trading volume in the ready market increased to 386.368 million shares from 356.138 million shares, while the traded value rose to Rs20.091 billion from Rs19.487 billion.
Earlier on Thursday, the PSX staged a strong rebound as easing global oil prices and developments suggesting a possible de-escalation in the US-Iran conflict improved investor sentiment and encouraged fresh buying across key sectors.
The benchmark KSE-100 Index surged 1,021.40 points, or 0.61%, to close at 169,043.20 points.
Internationally, Asian stocks rose, and the dollar held its ground on Friday as investors contended with global policymakers ramping up efforts to rein in inflation, with a dip in oil prices improving sentiment ahead of an expected rate hike from the Bank of Japan.
Monetary policy response is in focus this week as the over six-month-long war in the Middle East shows few signs of ending, keeping oil prices above $100 per barrel and fanning inflation fears across the globe.
Hopes of alternate ways for oil supply from the Middle East to reach markets pushed Brent crude futures down 1% to $103.77 a barrel even as concerns about strikes between Saudi Arabia and Yemen’s Houthis lingered.
Reporter: Basim Iftikhar