Index scales new all-time high of 42,850

index-scales-new-all-time-high-of-42850

Index scales new all-time high of 42,850 KARACHI: Volatility prevailed in the last session of the week on the PSX where the KSE-100 index slid 200 points minutes after the opening bell.

But the index soon bounced back into the green, reaching within the handshake distance of 43,000 points at the intra-day high of 42,949 points.

Some selling pressure on weekend consideration saw the index close with clipped gains of 145 points (0.34 per cent) at an all-time high of 42,849.12 points.

The trading volume decreased 3.3pc to 541m shares while its value declined 11pc to Rs17bn over the preceding day.

Investors noticed that the market kept on the upward trajectory despite a slide in global stock markets and a slump in crude prices.

Mid-cap banks continued to perform as Faysal Bank closed at its upper limit of 5.5pc while Meezan Bank and Bank Al Habib gained 2.6pc and 1.6pc, respectively.

BoP remained in the red throughout the session and ended down by 2.68pc.

“Major activity was witnessed in commercial banks, technology and transport sectors,” observed analysts at Sunrise Capital. According to JS Global, the cement sector extended its gains to close higher by 2.9pc from its previous day’s close. Maple Leaf Cement (5pc) and Lucky Cement (3.21pc) were top performers of the sector.

The exploration and marketing sector remained un­d­er pressure with OGDC and Pakistan Oilfields down by 0.21pc and 0.49pc.

PIA closed on its upper circuit for the second consecutive day on the back of the news that Prime Minister Nawaz Sharif has constituted a committee to finalise the financial plan for the organisation. “The auto sector witnessed a bearish spell after the yen reached its four-month low against the dollar,” posited dealers on the sales desk of Global Securities.

Source: http://www.dawn.com/news/1295749/index-scales-new-all-time-high-of-42850

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