KARACHI

Pakistan Stock Exchange rose sharply on Friday amid major recovery in global equities and crude prices. The PSX benchmark 100-share index posted a gain of 491.55 points (up 1.60%) to settle at 31,294.08 points.

Strong results in cement, banking and auto sectors, falling bond yields, and easing political noise played a catalyst role in bullish close, stated analyst Ahsan Mehanti.

Traded volume increased to 125m shares as compared to 121m shares of the previous day while value also increased to Rs7b from Rs5.1b.

Out of total 336 traded companies in the session, 219 closed in advance, 98 in decline while 19 went unchanged.

The local bourse took a breather this week as investors’ cherry picked stocks in select sectors on attractive valuations. Resultantly, benchmark KSE-100 index rose 0.9% to close at 31,294 index level.

Average daily volume increased by 12% to 138.2m shares while average daily value fell by 6% to Rs6.2b/$59.5m, stated Topline Securities weekly report.

On a sector level, oil & gas, multi-utilites and tobacco were among the major gainers, increasing 3.2-5.5% over the week. General Industrials and Food Producers were major losers having declined 6.0% and 2.6% in the outgoing week.

Foreigners were net sellers of $4.8m during the week. They were net buyers in oil & gas and cement sector with $1.9m and $1.1m, respectively, whereas net selling of $1.9m was seen in banks and $0.9m in electricity sector.