Pakistani stocks extend post-election rally

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Islamabad, July 27 (IANS) The Pakistan Stock Exchange (PSX) stayed in the celebrations mode for the second straight day on Friday as investors showed confidence after the successful conduct of the country’s general elections.

The Pakistan Stock Exchange’s benchmark KSE 100-Index jumped by 1.66 per cent or 697.29 points to close at 42,786.45 points on Friday when compared with a closing of 42,089.16 points reported on Thursday.

During the two-day post-election bullish streak, the main index has expanded by 3.5 percent or 1,447.23 points from 41,339.22 points on July 24 to 42,786.45 points on July 27, Xinhua reported.

During the four-day week that ended on July 27, the main index augmented by 3.8 percent or 1,564.7 points as three out of four trading sessions ended in the green zone. The premier Pakistani bourse remained closed on July 25 owing to a public holiday across the country due to the General Elections 2018.

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The key index is currently trading 19.08 per cent or 10,090.01 points below its all-time historic peak of 52,876.46 points achieved on May 24 last year. The benchmark index has increased by 5.72 per cent or 2,314.97 points since the start of the Year 2018, while on the other hand, it has plummeted by 8.12 per cent or 3,778.84 points since July 1, 2017.

The KSE 100-Index has gained 2.09 per cent or 875.55 points since the start of the fiscal year of 2018-19 on July 1, 2018, as it started the new fiscal year at 41,910.9 points and reached 42,786.45 points on July 27.

During Friday’s trading session, the main index moved in a healthy range of 831.44 points as it touched an intraday peak of 42,845.49 points as against an intraday low of 42,014.05 points.

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The KSE All-Share Index jacked up by 1.11 percent or 336.34 points to close at 30,713.41 points, the KSE 30-Index ballooned by 1.87 percent or 390.89 points to end at 21,335.95 points, the KMI 30-Index skyrocketed by 1.79 per cent or 1,266.65 points to conclude at 72,172.06 points, whereas the Islamic All-Share Index swelled by 1.42 per cent or 290.23 points to finish the last trading session of the week at 20,784.13 points.

Market volumes grew by 51.57 percent or 131.165 million shares to 385.493 million shares on Friday when compared with a trading of 254.328 million shares posted on Thursday. During the week under review, the premier Pakistani equity market registered total volumes of 939.67 million shares at an average daily turnover of 234.917 million shares.

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Market capitalization improved by 1.11 percent or 95.445 billion rupees (749.776 million U.S. dollars) to 8.69 trillion rupees on Friday when compared with a figure of 8.595 trillion rupees reported on Thursday.

Market value surged by 51.9 percent or 4.787 billion rupees to 14.013 billion rupees on Friday as against Thursday’s figure of 9.225 billion rupees.

Among 353 active scrips on Friday, the prices of 264 issues advanced, 72 depleted, whereas values of 17 other companies stayed unchanged for the week.

Pakistan International Bulk Terminal Limited, Pakistan International Airlines Corporation, and WorldCall Telecom Limited were the top traded companies with turnovers of 39.734 million shares, 23.92 million shares, and 20.0005 million shares respectively.

–IANS

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