Stocks gain 252 points despite plunge in volume
KARACHI: Stocks closed on a bullish note on Friday with the KSE-100 index gaining 252.43 points (0.84 per cent) to close at 30,467.20.
The volumes declined 67pc over the previous day to 48 million shares from 147m shares while the traded value also dropped 52pc to Rs2.43 billion from Rs5.11bn due to the PSX decision to forego the second session on Friday due to Defence Day and to join in the nation’s expression of solidarity with Kashmir.
In the shortened hours on Friday and four days’ holiday ahead including two closed days due to Ashura holidays, investors were disinclined to take fresh positions.
Early on, selling pressure was evident across the board mainly due to negativity created by rumour of rights issue by cement companies.
Mutual funds were the major sellers of equity worth $2.49m. However, the sentiments turned positive later on with the prospects of rate cut and latest Consumer Price Index (CPI) release.