Bullish return to PSX as KSE-100 index gains 842 points

KARACHI: Pakistan Stock Exchange (PSX) on Friday witnessed bullish trend as KSE-100 index gained 842 points, ARY News reported.

The KSE-100 index closed at 28110 points.

The total volume traded in the market was 169,438,326 shares. Total companies traded were 304 of which 228 were positive, 56 were negative and 20 were unchanged.

Meanwhile, Asian equities mostly rose and the dollar extended losses Friday, with traders buoyed by government and central bank pledges to prop up the global economy as the coronavirus sends countries into lockdown.

Despite the painful toll the disease is inflicting on lives and economies, markets are on course to end the week with healthy gains following a barrage of stimulus and monetary easing.

While the number of people contracting COVID-19 continues to escalate — the US now has more cases than China and Italy — the support measures, which the G20 said amounted to $5 trillion, have given traders hope that the expected recession will be sharp but short.

Shanghai ended up 0.3 percent, Singapore put on more than two percent and Mumbai added 0.5 percent following a deep interest rate cut by the Indian central bank. Bangkok added more than two percent and Jakarta soared nearly eight percent.

However, not all markets were able to sustain the rally and Sydney went into the weekend on the back of a 5.3 percent loss, while Wellington, Taipei and Manila were also down after reversing early gains.

– Key figures around 0710 GMT –

Tokyo – Nikkei 225: UP 3.9 percent at 19,389.43 (close)

Hong Kong – Hang Seng: UP 1.0 percent at 23,573.25

Shanghai – Composite: UP 0.3 percent at 2,772.20 (close)

Euro/dollar: UP at $1.1040 from $1.1031 at 2150 GMT

Dollar/yen: DOWN at 108.70 yen from 109.44 yen

Pound/dollar: UP at $1.2230 from $1.2204

Euro/pound: UP at 90.33 pence from 90.39 pence

Brent North Sea crude: UP 0.7 percent at $26.51 per barrel

West Texas Intermediate: UP 2.0 percent at $23.06 per barrel

New York – Dow: UP 6.4 percent at 22,552.17 (close)

London – FTSE 100: UP 2.2 percent at 5,815.73 (close)