Key Points
- Benchmark KSE-100 ends at 167,085.58 after gaining 802 points
- Local institutional buying supports recovery, says Topline Securities
- SFD extends $3bn deposit by one year, boosting sentiment
- Weekly gain logged at 0.48%
- Rupee posts marginal appreciation against the US dollar
ISLAMABAD: The Pakistan Stock Exchange posted a robust close on Friday as renewed institutional interest anchored the benchmark KSE-100 Index above the 167,000 level, and registered gains across the broader market.
According to PSX data, the KSE-100 swung between an intra-day high of 167,923.45 and a low of 166,369.73 before settling at 167,085.58, up 802.03 points or 0.48 per cent. Brokerage house Topline Securities reported that the advance stemmed mainly from domestic institutions stepping in to “buy the dip” during the session.
Top contributors to the rally included FFC, PPL, OGDC, PSEL, LUCK, and SYS, which collectively added 607 points to the index, according to the post-market note.
Sentiment strengthened after the Saudi Fund for Development extended the maturity of its $3 billion deposit for another year. In its statement, the State Bank of Pakistan said the rollover would “help in strengthening the foreign exchange reserves and contribute to economic stability”.
Developments on the political front also shaped investors’ views. President Asif Ali Zardari on Thursday approved Prime Minister Shehbaz Sharif’s summary appointing Chief of Army Staff Field Marshal Syed Asim Munir as the country’s first Chief of Defence Forces for a five-year term, the Presidency said.
The advance followed Thursday’s modest recovery when the benchmark index had closed slightly higher at 166,283.55 after a day of stabilising flows.
The benchmark added 0.48 per cent over the preceding week. Regional cues remained mixed. Japan’s Nikkei 225 slipped 1.5 per cent after weak consumer spending data added to expectations of a Bank of Japan rate hike. MSCI’s Asia-Pacific ex-Japan index eased 0.1 per cent, though it remained on track for a weekly gain.
In the currency market, the rupee edged up 0.01 per cent against the US dollar to Rs 280.42, a gain of Rs 0.03, at the close.
Turnover on the all-share index climbed to 686.83 million shares from 607.79 million a day earlier, with trading value rising to Rs 41.62 billion from Rs 31.22 billion. Telecard Limited led activity with 58.07 million shares, followed by F. Nat. Equities at 44.58 million and First Dawood Properties at 39.94 million. Out of 477 traded scrips, 254 advanced, 179 declined, and 44 remained unchanged.
