Late buying on the back of news that ''Friends of Democratic Pakistan'' have pledged, $5.28 billion to Pakistan supported the KSE-100 index to recover its intra-day losses and to close in the positive at 7,794.95 with a healthy gain of 124.87 points level on Friday.
The market started on a negative trend and the index hit 7,524.71 points intra-day low level, down by 145.37 points. However, the positive outcome from ''Friends of Pakistan'' invited healthy buying at the share market and the index surged to 7,910.48 points intra-day high level, up by 240.40 points. Trading volumes at the ready counter, however, declined to 259.364 million shares as compared to 337.353 million shares traded on Thursday.
The overall market capitalisation increased to Rs 28 billion to Rs 2.323 trillion. Out of the total 302 active scrips, 171 closed in the positive and 115 closed in the negative while the value of 16 scrips remained unchanged. Jahangir Siddiqui Co was the volume leader of the day with 23.825 million shares and gained Rs 1.46 to close at Rs 43.73. NBP increased by Rs 2.88 to close at Rs 84.26 with 16.273 million shares.
In the E&P sector, POL declined by Rs 5.75 to close at Rs 155.06 with 14.383 million shares, however, OGDC increased by Rs 1.35 to close at Rs 78.08 with 12.418 million shares.
A mixed trend was witnessed in the cement sector, as DG Khan Cement gained Re. 0.32 to close at Rs 28.72 with 13.511 million shares. However, Lucky Cement lost Re. 0.44 to close at Rs 54.83 with 7.142 million shares. Fauji Fertiliser Bin Qasim increased by Re. 0.46 to close at Rs 17.71 with 11.063 million shares. WorldCall Telecom gained Re. 0.35 to close at Rs 3.84 with 9.340 million shares. Arif Habib Sec lost Re. 0.17 to close at Rs 32.83 with 7.998 million shares.
Bata (Pak) and Siemens Pak were the highest gainers and gained Rs 40.73 and Rs 35.00 to close at Rs 855.73 and Rs 750.00 respectively while Lakson Tobacco and EFU Life Assurance were the worst losers and lost Rs 12.34 and Rs 7.61 to close at Rs 234.57 and Rs 152.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that buying activity was witnessed after the Friends of Pakistan''s pledge of $5.28 billion for unconditional aid. Investors expected further pledge from donors'' conference to improve Pakistan''s economy. Investors'' are looking forward to the expected cut in discount rates in the monetary policy announcement on April 20 amid fall in PIB yields and managed inflation level. Expectations of good results announcements in oil, banks and Fertilisers remained a major catalyst for positive activity.