PSX rebounds with KSE-100 adding over 1,800 points

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) rebounded from the previous negative session, gaining over 1,800 points on Friday.

The KSE-100 settled at 90,859.85 points after gaining 1,893.08 points or 2.13 percent, from the previous closing of 88,966.77 points.

A total of 465.86 million shares were traded during the day at the PSX as compared with the previous day’s turnover of 546.27 million shares.

The price of shares stood at Rs23.08 billion against Rs24.11 billion on the last trading day at the Pakistan Stock Exchange’s KSE-100 index.

Analysts at Topline Securities said that a decline in the CPI inflation for the month of October provided a boost to investor sentiment at the PSX.

“SILK was today`s volume leader as UBL Bank informed the exchange that it has submitted an offer for the amalgamation of Silk bank with and into UBL and proposed a ratio of 1 new UBL ordinary share for every 325 Silk bank ordinary shares,” they added.

As many as 430 scrips were active throughout the trading session in the stock market, out of which, 220 recorded gains and 156 sustained losses while the share price of 54 companies remained unchanged.

The three top trading companies included Silk Bank Limited with 62.53 million shares exchanged at Rs0.94 per share, followed by K-Electric Limited with 57.56 million shares at Rs4.67 per share.

WorldCall Telecom remained the third with 27.21 million shares at Rs1.22 per share.

Unilever Pakistan Foods Limited witnessed an increase of Rs572.11 per share price, closing at Rs 19,161.11, while Siemens (Pakistan) Engineering’s share price gained by Rs58.62 to settle at Rs1,451.49 at the closing of the stock market.

On the other hand, Rafhan Maize Products Company Limited witnessed a decline of Rs158.4 in its share to close at Rs7,541.6 followed by Sapphire Fibres Limited with Rs61.61 decline to close at Rs1,216.11.