Equities gain 374 points despite foreign selling
KARACHI: Stocks extended the rally on Friday with the KSE-100 index gaining 374.03 points (1.12 per cent) to close at 33,843.18.
Analysts at Global Securities stated that bullish trend continued at the bourse as positive sentiments sustained throughout the day, primarily owing to rally in regional equity markets.
Healthy volumes were once again witnessed in the oil sector, particularly in OGDCL, PPL, POL and PSO, as global crude prices continued to increase.
Volumes increased to 219 million shares of Rs13.9 billion from 179m shares of Rs9.8bn value the earlier day.
Foreigners continued to trim their positions with sale of $4.57m worth stocks.
Analysts at JS Global observed that following the encouraging response in Amreli Steels book building process a day ago, MUGHAL steel hit the upper-circuit on Friday due to re-rating of steel sector price-to-earnings multiple.