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17 October 2017 Last updated 11 minutes ago

KSE-100 Index makes gains amidst lower activity

KSE-100 Index makes gains amidst lower activity KSE-100 Index makes gains amidst lower activity

The Pakistan Stock Exchange started the week on a positive note, with the benchmark KSE-100 index gaining 288 points, or 0.60pc, by the close of the trading session to reach 48,697 points.

Volumes were considerably lower than usual, with commercial banking, engineering, and power generation and distribution stocks attracting investor interest.

A total of 55.82 million shares had changed hands by the end of the session, with a total worth of nearly Rs4.01 billion.

Stocks of 374 companies were traded, of which 213 gained in value, 147 declined and 14 remained unchanged.

Volumes were led by:

  1. K-Electric Ltd.: 12.3m shares traded (-1.20pc);

  2. Aisha Steel Mill: 10.4m shares traded (+4.98pc);

  3. Bank of Punjab: 9.28m shares traded (+0.74pc);

  4. Dost Steels Ltd.: 7.64m shares traded (+2.74pc); and,

  5. Pak Refinery: 6.24m shares traded (+4.98pc).

Senior analyst Ahsan Mehnati said that pre-budget optimism, coupled with a positive outlook for crude oil stocks, led the benchmark in the green.

"Positive speculations regarding the political environment raised the morale of investors, whereas positive crude oil prices in the international market also influenced the local bourse," he added.