* 100-share index gains 124.87 points or 1.63%
* Turnover falls 23.11% to 259.36 million shares
KARACHI: The Karachi stock market switched to a positive trading note on Friday as international donors pledged $5.28 billion to stabilise the poverty-stricken country, which triggered investors to go for intense buying activities.
The Karachi Stock Exchange (KSE) 100-share index gained 124.87 points or 1.63 percent to close at 7,794.95 points as compared to 7,670.08 points of the previous session. The KSE 30-share index increased by 144.73 points and closed at 8,540.16 points as compared with 8,395.43 points of the previous session. The KMI 30 index also surged 188.71 points to close at 10,795.46 points as against 10,606.75 points of the previous session.
Analysts said in their comments that the market received a tremendous push following looming expectations over cut in discount rates due in the monetary policy to be announced on April 20.
The market was volatile during the trading session as the 100-share index, despite opening on a negative note, made a substantial gain at the end of the session in the wake of encouraging announcements by the donors’ conference, which is expected to bring stability to the economy.
The market turnover fell 23.11 percent and traded 259.36 million shares as compared to previous session’s 337.35 million shares. The overall market capitalisation gained 1.22 percent to close at Rs 2.323 trillion as compared with Rs 2.295 trillion traded in the previous session. Out of total 302 companies, 171 closed in positive zone, 115 in negative while 16 remained unchanged.
The market received a boost during the second half of the trading session as pledges by the Friends of Pakistan’s offering $5.28 billion receivable over a period of two years helped the 100-share index close positively, said Analyst at JS Sec Atif Malik.
Brokers said that expectations of good result announcements in oil, banking and fertilizer scrips also supported the positive trend.
The KSE 100-share index opened in the red zone with a loss of 40.59 points, but at the end of the day closed at 7,794.95 points with a gain of 124.87 points.
Jah Siddi Co was the volume leader in the share market with 23.82 million shares as it closed at Rs 43.73 after opening at Rs 42.27 making a financial gain of Rs 1.46. NBP traded 16.27 million shares as it closed at Rs 84.26 from its opening at Rs 81.38 gaining Rs 2.88. Pak Oil Fields traded 14.38 million shares as it closed at Rs 155.06 as compared to its opening at Rs 160.81 losing Rs 5.75. DGK Cement traded 13.51 million shares as it closed at Rs 28.72 as compared with its opening at Rs 28.40 gaining 32 paisas. OGDC traded 12.41 million shares as it closed at Rs 78.08 as against its opening at Rs 76.73 gaining Rs 1.35.
* Turnover falls 23.11% to 259.36 million shares
KARACHI: The Karachi stock market switched to a positive trading note on Friday as international donors pledged $5.28 billion to stabilise the poverty-stricken country, which triggered investors to go for intense buying activities.
The Karachi Stock Exchange (KSE) 100-share index gained 124.87 points or 1.63 percent to close at 7,794.95 points as compared to 7,670.08 points of the previous session. The KSE 30-share index increased by 144.73 points and closed at 8,540.16 points as compared with 8,395.43 points of the previous session. The KMI 30 index also surged 188.71 points to close at 10,795.46 points as against 10,606.75 points of the previous session.
Analysts said in their comments that the market received a tremendous push following looming expectations over cut in discount rates due in the monetary policy to be announced on April 20.
The market was volatile during the trading session as the 100-share index, despite opening on a negative note, made a substantial gain at the end of the session in the wake of encouraging announcements by the donors’ conference, which is expected to bring stability to the economy.
The market turnover fell 23.11 percent and traded 259.36 million shares as compared to previous session’s 337.35 million shares. The overall market capitalisation gained 1.22 percent to close at Rs 2.323 trillion as compared with Rs 2.295 trillion traded in the previous session. Out of total 302 companies, 171 closed in positive zone, 115 in negative while 16 remained unchanged.
The market received a boost during the second half of the trading session as pledges by the Friends of Pakistan’s offering $5.28 billion receivable over a period of two years helped the 100-share index close positively, said Analyst at JS Sec Atif Malik.
Brokers said that expectations of good result announcements in oil, banking and fertilizer scrips also supported the positive trend.
The KSE 100-share index opened in the red zone with a loss of 40.59 points, but at the end of the day closed at 7,794.95 points with a gain of 124.87 points.
Jah Siddi Co was the volume leader in the share market with 23.82 million shares as it closed at Rs 43.73 after opening at Rs 42.27 making a financial gain of Rs 1.46. NBP traded 16.27 million shares as it closed at Rs 84.26 from its opening at Rs 81.38 gaining Rs 2.88. Pak Oil Fields traded 14.38 million shares as it closed at Rs 155.06 as compared to its opening at Rs 160.81 losing Rs 5.75. DGK Cement traded 13.51 million shares as it closed at Rs 28.72 as compared with its opening at Rs 28.40 gaining 32 paisas. OGDC traded 12.41 million shares as it closed at Rs 78.08 as against its opening at Rs 76.73 gaining Rs 1.35.
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