KARACHI - Positivity prevailed in the stock market on Friday, with the benchmark 100-share index rallying by 153.29 points to close at 36,694.26 points.
Slight recovery was seen in the banking sector, as MCB (0.67%), HBL (0.34%) and UBL (0.95%) gained to close in the green zone. HASCOL continued its upward trajectory to close on its upper circuit on the back of the news that the OMC will establish a joint venture company with its partner Vitol, Dubai to build and operate an oil storage capacity of 200,000MT at Port Qasim. GHGL (2.27%) gained on the back of material information disseminated in the market that its Amber Pharma Glass Furnace facility at Landhi commercial area has started its commercial operation, stated analyst Arhum Ghous.
Volumes decreased by 6.1% to 199m shares while value also decreased by 3% to Rs 9.4b/90$m.
HASCOL closed at its upper limit as board of directors of HASCOL approved the establishment of a joint venture for developing oil storage/terminal facility, said dealers at sales desk Topline brokerage. KEL remained the volume leader once again for 7th day in a row with 17.8m shares traded. KEL decreased by 2.5%. Meanwhile, market during the week remained flat ahead of upcoming budget and MSCI reclassification decision in Jun 2016 as KSE-100 index closed at 36,694 levels, said weekly report of Topline Securities.
Average volumes clocked in at 249m shares, down by 23% during the week. Average traded value was down 11% to Rs10.1bn (US$96mn).
