Follow Us on Google News
KARACHI: Pakistan Stock Exchange on Friday witnessed bullish trend as the KSE-100 Index closed today at 40,732.25 points as compared to 40,306.55 points on the last working day with a positive change of 91.15 points.
In the second half, investors thought it prudent to reduce positions ahead of the weekend as many were nervous over the already high levels.
READ MORE: Pakistan Stock Exchange opens on bullish note
The index finished at trimmed gains of 91.15 points (0.22 per cent) at 40,732.25.
More satisfying news on the economic front were well received.
The Asian Development Bank approved two loans totalling $1.3 billion for budgetary support and key reforms in Pakistan to help strengthen the country’s economy.
Furthermore, the State Bank has reiterated to shift the country to an export-based economy to achieve sustainable growth.
Mutual funds turned buyers of stocks worth $4.56 million while companies and banks offloaded equities.
READ ALSO: Stocks rally as KSE-100 index closes 447 points higher
Major contribution to the index upside emanated from the exploration and production (E&P) and oil and gas marketing companies.
Selling pressure, on the other hand, was largely witnessed in banking which was weighed down by profit-taking as the sector had seen a massive rally for several days.
Cement also saw offloading and led the volume table with 84.8m shares, followed by vanaspati at 53.5m and technology 35.2m.
Among scrips, Unity Foods saw turnover of 53.5m shares, Fauji Cement 31.9m and Maple Leaf Cement 18.6m.
READ MORE: Bullish trend maintains upward trajectory at PSX
