Pakistan News

Stocks rally ahead of Eid holidays

Stocks rally ahead of Eid holidays

The Pakistan Stock Exchange ended the penultimate trading session before Eid holidays firmly in the green as the benchmark KSE-100 index gained 857.85 points, or 1.89pc, by the close of trading to reach 46,332.31.

The day's low was recorded at 45,474, while the index tested the day's high at 46,464.

"Stocks showed major recovery at PSX led by selected scrips across the board on strong earnings outlook and strong FDI data for Jul-May'17," said analyst Ahsan Mehanti.

"Foreign inflows, government development commitments in federal budgets and subdued noise over the JIT Panamagate case ahead of Eid holidays played a catalyst role in major recovery at PSX ignoring slump in global crude prices on oversupply," he added.

Overall, 294.87 million shares were traded, with a total worth of nearly Rs13.34 billion.

Stocks of 377 companies were traded on the exchange, of which 257 gained in value, 102 declined and 18 remained unchanged.

"Market next week will be guided by multiple factors, including direction of foreign investment flows and global crude performance, while politics will remain a drag with investors closely following developments on the Panamagate case investigation against the premier's family," read a note issued by Elixir Securities.

Volumes were led by:

K-Electric: 68.23m shares traded (+2.19pc)

TRG Pak: 15.76m shares traded (-1.52pc)

Bank of Punjab(R): 14.89m shares traded (-16.67pc)

Engro Polymer: 13.03m shares traded (+2.53pc)

Bank of Punjab: 9.93m shares traded (+2.22pc)

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