PSX recovers over year-end phenomenon

• The Pakistan Stock Exchange KSE-100 shares Index gained 467.93 points.
• The ready market volumes stood at 227.78 million shares.
• Premium Textile down Rs44.20 to close at Rs557.05/share.

KARACHI: The Pakistan bourse closed higher on Thursday on account of institutional financial closing, which is a year-end phenomenon leading to late buying, analysts said.

An analyst at Arif Habib Limited said that the equity market witnessed a bullish session continuing the acclamatory momentum from the previous close.

“The market opened in the positive territory and made an intraday high of 441.56 points as investors elected for value-angling in the main board. The benchmark KSE-100 Index traded in the green zone throughout the day as investor participation remained on the higher side,” he added.

The market remained volatile during the last trading hour. However, healthy volumes were recorded across the board, whereas third-tier stocks remained volume leaders, he remarked.

The Pakistan Stock Exchange KSE-100 shares Index gained 467.93 points, or 1.19 percent, to close at 39,747.36 points. The KSE-30 shares Index gained 156.61 points, or 1.08 percent, to close at 14,617.60 points.

On the economic front, the rupee ended with a marginal loss for the eighth successive session against the dollar, to settle at Rs226.41/dollar in the interbank foreign exchange market.

As many as 325 scrips were active of which 214 advanced, 93 declined and 18 remained unchanged.

The ready market volumes stood at 227.78 million shares, compared with the turnover of 258.45 million shares in the last trading session.

The companies which reflected the highest gains included Rafhan Maize up Rs592.65 to close at Rs8,494.65/share, and Nestle Pakistan up Rs366.24 to close at Rs5,781.24/share.

The companies which reflected the most losses included Bhanero Textile down Rs77.50 to close at Rs960/share, and Premium Textile down Rs44.20 to close at Rs557.05/share.

The highest volumes were witnessed in Bank Al-Falah with a turnover of 52.19 million shares. The scrip gained 28 paisas to close at Rs29.88/share, followed by K-Electric with a turnover of 20.11 million shares. It gained 12 paisas to close at Rs2.49/share. Cnergyico PK remained the third with a turnover of 13.11 million shares. It shed eight paisas to close at Rs3.63/share.

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