Pakistan Stock Exchange Friday achieved another milestone as the benchmark KSE-100 index crossed 49,000 points psychological level and closed at new high of 49,038.23 points with healthy increase of 324.60 points. Trading activities also improved on the last trading day of the week as daily trading volumes increased to 430.724 million shares as compared to 329.241 million shares traded on Thursday.
Total market capitalisation increased by Rs 41 billion to Rs 9.795 trillion. Out of total 423 active scrips, 264 closed in positive and 140 in negative while value of 19 stocks remained unchanged. The foreign investors, however remained net sellers of shares and withdrew $4.2 million from Pakistan stock market.
Dost Steels was the volume leader with 51.084 million shares and gained Rs 0.98 to close at Rs 14.26 followed by Aisha Steel Mill increased by Re 1 to close at Rs 18.71 with 30.996 million shares. Azgard Nine surged by Rs 0.68 to close at Rs 9.23 with 29.063 million shares.
Wyeth Pak and ICI Pakistan were the top gainers increasing by Rs 225.6 and Rs 49.43 respectively to close at Rs 5124.6 and Rs 1038.13 while Unilever Foods and Bata Pak were the top losers declining by Rs 270 and Rs 100 respectively to close at Rs 5630 and Rs 4200.
Zeeshan Afzal at Insight Securities said the equities ended the week on a brighter note closing above the much resisted level of 49,000, developing confidence among the investors. Textiles had the major role to turn the momentum and break the psychological level primarily on anticipations of relief package for the sector to be announced soon. That said investors preferred to build positions despite Panama Leak case creating political uncertainties.
An analyst at Global Securities said the local bourse crossed another psychological resistance level of 49,000, adding 325 points to the index and closing at 49,038 points. Total turnover also increased by 8.9 percent indicating increased investor interest particularly in the textile sector over anticipated textile package announcement. Textiles scripts such as NML, GATM and NCL closed at the upper circuit in anticipation of the textile package. Fertilizer sector gave substantial support to the index as all scripts closed in green and supported the index by 64.71 points on the back of improved urea sales. DSL (+5.0 percent) emerged as the volume leader for the second day during the week on reports of plant commissioning in the near future.
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