KARACHI: Stocks on Friday closed a new highs amid support in blue chip banking and cement sector, the KSE-100 index catapulted to its all time high and settled at 38,776.94 index level.
Volatility prevailed as the index juggled 325 points in the red and green zone to close at 38,777, up 25 points, brokers said.
Pressure was witnessed on the fertilizer sector on back of news that Fertilizer companies will bear price cut of Rs50/bag, Major laggard of the sector today were FFC (down 1.49%) and EFERT (slump 1.47%), dealers said.
The 9 MSCI scrip's that will form part of MSCI Emerging Market Index continued to remain in the limelight all though profit taking across the board was witnessed today, Top performer among the MSCI scrip's today was HBL (up 4.76%). Due to depressed global crude oil prices the oil sector remained under pressure with the exemption of NRL (rose 5.00%) that hit its upper circuit on back of rumors that the companies expansion will be completed by August, top laggards of the aforementioned sector were PPL (slipped 2.14%) and OGDC (down 1.15%), stated analyst Ahmed Saeed Khan at JS Global.
Volume decreased to 134mn shares as compared to 255mn shares changed hands yesterday, while value also decreased to Rs11.2/US$108mn.
The market greeted MSCI's decision to re-classify Pakistan into the MSCI EM index jubilantly with benchmark KSE-100 index rising sharply to close at 38,777pts (+5.0% WoW), stated weekly report of JS Global.
