PSX closes up as KSE-100 recovers from day-long negative session

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed on a positive note after adding 30.18 points on Friday.

The benchmark Index closed at 85,483.4 points, up 0.04 percent from the previous day’s closing of 85,453.22 points.

The KSE-100 largely traded in a negative zone during the trading session making an intraday low of 679 points.

However, some recovery was observed at closing hours of trade as the benchmark Index recovered to close slightly above the previous closing.

An analyst at Topline Securities said that negotiation with Independent Power Producers (IPPs) has changed the sentiments in the Pakistan Stock Exchange.

Reports had said that as many as five IPPs have agreed to early termination of their Power Purchase Agreements (PPA), an agreement seen as a potential positive development for the energy sector.

“Major positive contribution to the index came from Pakistan State Oil (PSO), Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Pak Oman Investment Company (PIOC), and United Bank Limited (UBL), as they cumulatively contributed 276 points to the index,” the analyst added.

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Meanwhile, Hub Power Company (HUBC), Lucky Cement (LUCK), Habib Bank Limited (HBL), TRG Pakistan, and Service Industries Limited (SRVI), experienced declines lost value to weigh down on the index by 327 points.

Traded volume at the PSX stood at 560 million shares, with a value of Rs26.12 billion, compared with the previous day’s 503 million shares, with a value of Rs27.91 billion.

Hub Power Co.XD remained the volume leader with 58.15 million shares traded, followed by PTCL which saw the exchange of 51.35 million shares.

WorldCall Telecom remained the third in the volume leader board, having witnessed the trading of 45.69 million shares.