KARACHI: The benchmark index of the Pakistan Stock Exchange rose on Friday on the back of robust macroeconomic data.

Ahsan Mehanti, an analyst at Arif Habib Ltd, said sentiments stayed positive as the central bank released statistics showing the country recorded a current account deficit of only $8 million, down 98 per cent from a year ago, in September.

In addition, the ongoing recovery in the rupee’s value against the dollar and surging foreign exchange reserves that clocked in at $7.7bn also proved pivotal for the positive mood on the national bourse.

Further positive triggers were the falling yields of government bonds signalling the likelihood of a downward trend in interest rate going forward, coupled with improving Pak-China relations, played the role of a catalyst in the bullish close.

As a result, the KSE-100 index settled at 50,731.87 points, up 366.72 points or 0.73pc from the preceding session.

The overall trading volume increased 0.6pc to 430 million shares. The traded value also remained flat on a day-on-day basis at Rs14.6bn.

Stocks contributing significantly to the traded volume included Pakistan Refinery Ltd (42.6m shares), K-Electric Ltd (35.7m shares), WorldCall Telecom Ltd (31m shares), Ghani Global Holdings Ltd (14.5m shares) and the Bank of Punjab Ltd (12.8m shares).

Companies registering the biggest increases in their share prices in absolute terms were Pakistan Hotels and Developers Ltd (Rs35.72), Murree Brewery Company Ltd (Rs18.67), Thal Industries Corporation Ltd (Rs17.49), Hinopak Motors Ltd (Rs17.38) and Pak Suzuki Motor Company Ltd (Rs15.45).

Companies registering the biggest declines in their share prices in absolute terms were Nestle Pakistan Ltd (Rs190), Pakistan Tobacco Company Ltd (Rs37.60), Philip Morris Pakistan Ltd (Rs29), Rafhan Maize Products Company Ltd (Rs7.50) and AKD Hospitality Ltd (Rs6.03).

Foreign investors were net buyers as they purchased shares worth $0.81m.

Published in Dawn, October 21st, 2023