After a strong resurgence in the immediate aftermath of the Supreme Court’s verdict on the Panamagate case, the Pakistan Stock Exchange saw the bulls rally for another charge on Friday to pull the index to 49,743 — the day’s high — at market close.
“Bullish activity continued amid record surge as investors weighed easing political noise after SC ruling over prime minister’s Panamagate case,” said Arif Habib Corp analyst Ahsan Mehanti.
“Upbeat financial results in cement, banking and energy sectors played a catalyst role in bullish close in the quarter-end corporate earnings announcement session at PSX,” he said.
“The KSE-100 continued its bull run and finally broke out of the downward trend-line at the 49,500 mark after forming a triple-top earlier during the session,” said Adnan Shaikh of Topline Securities. “The market has gained 6pc over the past three sessions since the Panama verdict announcement date was notified,” he observed
398 symbols were traded in the week’s last session, of which 299 advanced, 86 declined and 13 remained unchanged.
Chemical and engineering stocks were the focus of investors’ attention, followed by technology, cement and commercial bank scrips.
Volumes were led by:
Engro Polymer: 37.66m shares traded (+4.97pc)
TRG Pak Ltd: 32.44m shares traded (+5.00pc)
Azgard Nine: 18.12m shares traded (+8.24pc)
Aisha Steel Mill: 16.45m shares traded (+4.99pc)
Dost Steels Ltd: 16.39m shares traded (+4.99pc)
Courtesy : Dawn News