PSX closes up after range-bound session

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed positive after recording a slight gain on Friday, ARY News reported.

The KSE-100 gained 121.30 points, or 0.11 percent, to settle at 114,301.8 points, as against 114,180.51 points on the last trading day at the stock market.

A total of 1.11 billion shares were traded during the day at the PSX, as compared with the turnover of 1.46 billion the previous trading day.

The price of shares stood at Rs59.51 billion, as against Rs67.27 billion on the last trading day at the Pakistan Stock Exchange.

Analysts at Topline Securities said that the PSX witnessed a range-bound session as the KSE-100 closed at 114,302 level.

“Pressure was observed in banking sector as it closed %  lower, where UBL, MEBL, BAHL, HBL  and BAFL cumulatively lost 860 points to weigh down on the index. Pressure can be attributed to noise that committee formed earlier this week to discuss alternative options to ADR-based tax regime has finalized recommendation, they added.

“Investor interest was observed in oil sector as MARI (Rs.5.29bn), PSO (Rs.3.89bn), OGDC (Rs.3.73bn) and PPL (Rs.2.71bn) were top traded value wise companies,” as per the analysts.

The three top trading companies at the Pakistan Stock Exchange were WorldCall Telecom with 129.89 million shares at Rs1.79 per share, followed by Pak International Bulk with 75.5 million shares at Rs9.67 per share.

Treet Corp remained the third with 47.76 million shares at Rs24.49 per share at the closing of the stock market.

Unilever Pakistan Foods Limited recorded an increase of Rs162.39 per share price, closing at Rs20,974.99 while Hoechst Pakistan Limited witnessed a Rs140.93 rise in its per share price to Rs2,815.

Bhanero Textile Mills Limited witnessed a decline of Rs58.11 per share closing at Rs791.89, followed by Al-Abbas Sugar Mills Limited with a decrease of Rs26.56 to close at Rs756.79.