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business
Friday Jun 04 2021
By
Web Desk

PSX closes week on positive note, benchmark KSE-100 gains 118 points

By
Web Desk
A trader looks at his phone at the PSX. Photo: File

  • Over 317.4 million shares changed hands by end of the session, with a total worth of nearly Rs14.09 billion.
  • Stocks of 395 companies were traded, of which 232 gained in value, 139 declined and 24 remained unchanged.
  • WTL leads volumes with 89.04 million shares traded but stock price declines 1.40%.


KARACHI: The Pakistan Stock Exchange ended the week on a positive note, with the benchmark KSE-100 index gaining 118 points, or 0.25%, by the close of the trading session to reach 48,211 points.

Over 317.4 million shares changed hands by the end of the session, with a total worth of nearly Rs14.09 billion.

Stocks of 395 companies were traded, of which 232 gained in value, 139 declined and 24 remained unchanged.

Volumes were led by Worldcall Telecom Ltd (WTL), with 89.04 million shares traded. Hascol, BYCO, First Capital Securities Corporation (FCSC) and Pakistan Telecommunication Company Ltd (PTC) closed out the top five symbols traded, with volumes of 78.8 m, 54.6m, 45.3 m and 35.9 m, respectively.

Read more: KSE-100 remains above 48,000 points despite volatility

WTL was down 1.40%, trading at Rs3.51; Hascol was up 7.78%, trading at Rs7.78%; BYCO was up 2.42%, trading at Rs11.44; FCSC was up 19.46%, trading at Rs3.07; while PTC was up 5.80%, trading at Rs11.86.

Topline securities noted that the major contribution to KSE-100 Index came from UBL, BAFL, GLAXO, HCAR and MARI. It said that the companies “cumulatively added 79 points to the index”.

“Today's traded volume and value stood at 864mn shares and Rs.26.5bn, respectively. WTL again lead the volumes at the exchange with 89mn shares,” said Topline.

Bulls dominate KSE-100 this week

JS research said that the KSE-100 witnessed a “bullish momentum” this week and gained 1,085 points pr 2.3%.

“Declining COVID-19 cases and upward revision in growth estimates continued to fuel the positive sentiments,” said JS research.

The company noted that the investor participation held ground throughout the week but noted that the average volumes declined to 1,122mn or -9.4% Week on Week, but noted that the average value traded increased to US$192mn or 8.3%.

Read more: Stocks rally as PSX once again breaks record for daily traded volume

“On a sector-wise basis, Engineering (+9.6% WoW), Autos (+6.6% WoW) and Oil & Gas Marketing Companies (+6.3% WoW) were the key outperformers. Refineries (+6.1% WoW) also beat the benchmark index over expectations that the Refinery Policy will be announced soon while the rally in Cement (+3.2% WoW) can be attributed to anticipation of strong sales growth during May-2021,” said JS Research.