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Full-day report: Benchmark index surges 2pc day after Panamagate verdict

Updated Apr 21, 2017 07:05pm

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Stockbrokers watch the latest share prices during a trading session at the PSX. —AFP
Stockbrokers watch the latest share prices during a trading session at the PSX. —AFP
Stockbrokers watch the latest share prices during a trading session at the PSX. —AFP
Stockbrokers watch the latest share prices during a trading session at the PSX. —AFP

After a strong resurgence in the immediate aftermath of the Supreme Court's verdict on the Panamagate case, the Pakistan Stock Exchange saw the bulls rally for another charge on Friday to pull the index 965 points up to 49,708 — a little below the day's high — at market close.

KSE-100 volumes touched 159.07 million shares, worth Rs18.19 billion. Total volumes were recorded at 395.82m shares, and the traded value touched Rs24.13bn.

"Bullish activity continued amid record surge as investors weighed easing political noise after SC ruling over prime minister's Panamagate case," said Arif Habib Corp analyst Ahsan Mehanti.

"Upbeat financial results in cement, banking and energy sectors played a catalyst role in bullish close in the quarter-end corporate earnings announcement session at PSX," he said.

"The KSE-100 continued its bull run and finally broke out of the downward trend-line at the 49,500 mark after forming a triple-top earlier during the session," said Adnan Shaikh of Topline Securities. "The market has gained 6pc over the past three sessions since the Panama verdict announcement date was notified," he observed

398 symbols were traded in the week's last session, of which 299 advanced, 86 declined and 13 remained unchanged.

Chemical and engineering stocks were the focus of investors' attention, followed by technology, cement and commercial bank scrips.

Volumes were led by:

  1. Engro Polymer: 37.66m shares traded (+4.97pc)

  2. TRG Pak Ltd: 32.44m shares traded (+5.00pc)

  3. Azgard Nine: 18.12m shares traded (+8.24pc)

  4. Aisha Steel Mill: 16.45m shares traded (+4.99pc)

  5. Dost Steels Ltd: 16.39m shares traded (+4.99pc)

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Comments (4)

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Naveed Apr 21, 2017 06:01pm

Great! Index should have moved towards 50K plus up till now as it crossed 50K barrier in January but stuck due to panama case. Now on the right track!! Good luck!!

M Jamal Apr 21, 2017 06:32pm

The present stock market is not based on performance or results but purely on sentiments and underhand play.The market is going to come down and mostly small investors will be the losers.It is better to sell off in this high market.

Fast Apr 21, 2017 07:09pm

@M Jamal PSX is performing very well from last few years. PSX is trend setter of other markets too. If Panama gate case isn't here it should have cross 55000 mark.

Abdulkarim Apr 21, 2017 07:17pm

@M Jamal Been hearing this for like 4 years in row now.