Staff Reporter
Karachi
The Pakistan Stock Exchange (PSX) ended the week on a positive note on Friday, with the benchmark KSE-100 index gaining over 300 points.
The index oscillated between red and green zones as certain sectors experienced selling pressure. Investors were concerned over the subdued economic growth and corporate result announcements, which prevented the market from advancing further.
Earlier, trading began on a positive note, however, the bourse failed to sustain the momentum and the first session remained largely range bound. The index still managed to end the session with gains.
At close, the benchmark KSE-100 index recorded an increase of 329.41 points, or 0.89%, to settle at 37,330.85 points. Hascol Petroleum, which posted a loss in its financial result, came under the limelight and its stock ended higher with volumes of 87.2 million shares. The refinery sector saw National Refinery Limited (NRL) and Pakistan Refinery Limited (PRL) hit their upper circuits after news of recent disruption in oil supplies and a similar performance was observed in other refinery stocks.
However, banking sector stocks remained muted throughout the day. The steel sector performed well on the back of expectations of an increase in steel prices.
Oil and gas marketing companies posted the highest volumes of 92.9 million shares, courtesy Hascol Petroleum, and were followed by chemical firms (52.9 million) and technology companies (39.2 million).
Stocks that contributed positively to the index included Dawood Hercules (+58 points), Engro (+48 points), Hubco (+42 points), Thal Limited (+20 points) and Pakistan Tobacco (+15 points).
