KARACHI: Buying momentum continued at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE-100 Index gaining 1,277.69 points, or 0.80%, to close at 161,935.19.
The rally extended the upward trend from the previous sessions, as investors remained net buyers across key sectors. Brokerage house Topline Securities said the positive sentiment was supported by the National Assembly’s approval of the 27th Constitutional Amendment, which it said “clarified the political outlook and eased recent investor concerns.”
According to Topline, major support came from HBL, UBL, Maple Leaf Cement Factory (MLCF), Oil and Gas Development Company (OGDC), and Pakistan Petroleum Limited (PPL), which collectively added 514 points to the index.
On the corporate front, the Board of Directors of K-Electric once again postponed its meeting on Thursday after one group of directors walked out following approval of the first agenda item, sources told Business Recorder. Directors representing the government and AsiaPak were seeking a decision on the removal of Chief Executive Officer Syed Moonis Abdullah Alvi. The recent actions of some board members have drawn concern from Al-Jomaih Group of Saudi Arabia, which has already issued a $2 billion legal notice to Islamabad.
On Thursday, the PSX had maintained a strong upward trajectory, with the KSE-100 Index closing at 160,657.50 after a gain of 2,473.55 points, or 1.56%, helped by renewed optimism over merger and acquisition activity in the cement sector.
Meanwhile, the Pakistani rupee extended its mild gains against the US dollar in the inter-bank market, appreciating 0.01%. The currency closed at 280.72, up Re0.04 from the previous session.
Trading volume on the all-share index fell to 673.45 million shares from 797.18 million a day earlier, while the traded value declined to Rs34.65 billion from Rs35.12 billion. Pace (Pakistan) Limited led the volume chart with 51.75 million shares, followed by F. Nat. Equities with 37.67 million shares and Bank of Punjab with 36.99 million shares.
Shares of 480 companies were traded during the session, of which 276 advanced, 155 declined, and 49 remained unchanged.
