KARACHI: The Pakistan Stock Exchange (PSX) rebounded on Friday after losses in the previous sessions, with cyclical stocks leading gains on expectations of flood rehabilitation spending, analysts said.
The benchmark KSE-100 index rose 1,274 points, or 0.86 per cent, to close at 148,618.
Cement, commercial banks and technology and communication sectors were the biggest contributors, adding a combined 958 points to the index.
“Stocks recovered on institutional interest amid speculation ahead of August inflation data and easing pressure from the futures rollover,” said Ahsan Mehanti, CEO of Arif Habib Commodities.
He added that rising foreign exchange reserves, gains in the rupee and government discussions on circular debt resolution also boosted investor sentiment.
According to Topline Securities, the cement sector led the rally on optimism of higher dispatches in August, with DGKC, LUCK, FCCL, MLCF and CHCC contributing a total of 555 points to the index.
On a traded value basis, OGDC (Rs3.86 billion), FCCL (Rs3.26 billion), DGKC (Rs3.24 billion), NBP (Rs2.64 billion) and MLCF (Rs1.96 billionn) dominated the session.
Investor participation also picked up, with trading volumes surging 95 per cent day-on-day to 1.34 billion shares, while traded value rose 19 per cent to Rs52.27 billion.
Meanwhile, gold prices in Pakistan continued their upward trend on Friday, with the rate of 24-karat gold climbing by Rs1,100 to reach Rs363,700 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The latest increase pushed 24-karat gold per 10-gramme to Rs311,814 after a gain of Rs943.
Similarly, 22-karat gold was quoted at Rs285,839 per 10-gramme in the domestic market. Meanwhile, silver rates remained unchanged, with 24-karat silver trading at Rs4,121 per tola and Rs3,533 per 10-gramme.
Fourth rise this week
Friday’s increase marked the fourth rise in gold prices this week, adding a total of Rs3,700 from Monday’s level of Rs360,000 to the current Rs363,700 per tola. At the close of last week, gold had settled at Rs359,800, meaning prices have picked up pace in recent sessions.