KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 262 points on Friday amid depleting foreign exchange reserves.
The index closed at 38,562 points as against 38,301 points showing an increase of 261 points.
Analysts at Arif Habib Limited said that market opened slightly negative today over concerns of SBP’s depleting forex reserves, which was further accentuated by declining oil prices and a stalemate at OPEC.
Oil sector caused index to slid by -520 points during the first session caused mainly by selling in OGDC, PPL, POL, PSO however, the panic spread in other sectors and stocks too.
Resultantly, UBL and HBL also declined besides pressure in Steel and Autos.
News flow during the day, in favour of construction of Diamer Bhasha Dam, triggered buying activity in Cement Sector, although major part seem to have played by Mutual Funds switching positions in Banks and Oil to Cement.
Sectors contributing to the performance include Cement (+118 points), Fertilizer (+92 points), Banks (+88 points), O&GMCs (+38 points), Chemical (+13 points), E&P (-92 points), and Food (-13 points).
Volumes declined from 189.7mn shares yesterday to 128.4mn shares today (-32 percent DoD). Average traded value also declined by 26 percent to reach US$ 48mn as against US$ 64.7mn.
Stocks that contributed significantly to the volumes include KEL, PAEL, LOTCHEM, MLCF and DGKC reflecting 35 percent of total volumes.