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KSE-100 shrugs off early losses to close in green

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5 years ago

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KARACHI: The Pakistan Stock Exchange (PSX) witnessed volatility on Friday, as the indices that started the day in the red zone made a strong comeback later in the day to end the last session of the current fiscal year in green.

On the economic front, the National Assembly approved the Federal Budget 2019-20 (total outlay of Rs7.02 trillion) two weeks after it was presented.

Meanwhile, the value of US dollar decreased considerably on Friday, as it went down to Rs157 in the open market and Rs160 in the interbank market.

The KSE-100 Index declined by 364.93 points to touch its intraday low of 33,409.50. It then drove in the opposite direction, reaching its day’s high of 33,936.23 after gaining 161.80 points. The index finally settled higher by 127.15 points at 33,901.58. The KMI-30 Index gathered 211.48 points to end at 54,118.51, while the KSE All Share Index appreciated by 109.50 points, closing at 24,986.05.

Market volumes jumped by 58pc on a daily basis and were recorded at 213.91 million. Silk Bank Limited (SILK +20.41pc) led the volume chart with 38.49 million shares exchanging hands, followed by K-Electric Limited (KEL +4.77pc) and The Bank of Punjab (BOP +0.99pc). The scripts had exchanged 21.31 million shares and 15.84 million shares respectively.

Lucky Cement Limited (LUCK +1.96pc), in a notification sent to the exchange, announced that Kia Motors Pakistan Limited (KLM), a subsidiary of LUCK, has successfully completed commissioning of equipment and pilot production, and has recently commenced CKD operations at its plants. The total projected cost of the company amounts to Rs19.50 billion. KLM’s facility has the capacity to produce 50,000 vehicles per annum on a double shift basis.

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