Confidence of investors enhances; stock market gains 550 points

KARACHI: The Pakistan Stock Exchange (PSX) on Friday ended the last session of the week on a positive note with gains of 550 points as confidence of capitalists improved.

The positive trend emerged after the media reported that the policy board had devised a fund for stock market to uplift trust of the investors. As per reports, multiple state institutions would handle the fund.

The KSE 100 index benchmark collected 633.28 points to reach an intraday high of 37,420.92, after dropping few points. It closed positively at 37,337.87 after earning 550.23 points.

The KMI 30 index assembled 1,088.67 points to end

at 61,038.90 points, while the KSE All Share index rose by 335.02 points to culminate at 27,405.34 points. Out of total traded scripts, 253 advanced, 63 declined while the value of 15 remained the same.

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Overall trading volumes enhanced by 32 percent and were recorded at 189.15 million. The Bank of Punjab (BOP +7.08pc), Unity Foods Limited’s right shares (UNITYR1 +8.89pc) and K-Electric Limited (KEL +3.56pc) topped the volume chart.

The vanaspati and allied industries sector (+6.57pc), refinery sector (+5.30pc), transport sector (+4.99pc), engineering sector (+4.90pc) and cement sector (+4.11pc) ended with big gains.