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Closing: KSE firms gains, up 186 points

Closing: KSE firms gains, up 186 points

KARACHI: Karachi Stocks Exchange (KSE) 100-Index gained 186.52 points to reach 30044.89 mark on Friday as the opposition jirga, mediating between the government and PTI and PAT, presented “the best possible formula” to end the month-long political standoff.

KSE 100-index opened at 29858.37 points and traded total share volume of 104,324,470 shares.The market opened on upward note and crossed the psychological barrier of 30,000 by gaining 160.60 points to reach 30018.97 mark in first two hours of trading on last business day of the week. In midday trading, KSE 100-index kept march upward and gained 251.52 points to reach 30,109.89 mark.

The highest increase witnessed in price of the Pace (Pak) Limited, P.T.C.L.A, D.G.K Cement XD and Fatima Fertilizer Company while the Pak Services, Bata (Pak) Limited, Bhanero Tex XD and Wyeth Pak Limited remained the big losers of the day.

As a whole, 37.19per cent of companies witnessed increase in their shares while 22.48 per cent lost their share value and 2.31 per cent companies remained stable.

The real estate investment sector shares witnessed a turnover of 19.6 per cent, chemicals sector 15.3 per cent, construction and Materials (cement) 11.8 percent, and Personal Goods sector’s turnover was 10.3 per cent.

KSE continued yesterday’s momentum as the opposition jirga presented it’s “the best possible formula” to resolve the current political unrest in capital between the government and PTI and PAT.

Although the local investors were cautious and most opted to take profit at current high level, the market kept march upward by getting the foreign investment over the week, while on political horizon, PTI chairman Imaran Khan remained stick with his demand of the resignation of the Prime Minister Nawaz Sharif.