ISLAMABAD, May 30 (Xinhua) -- The Pakistan Stock Exchange (PSX) pared intraday gains but managed to close in the green zone on Friday as continuous support helped the bourse to register the second straight week of gains on the back of approval of the Government Guaranteed Market Support Fund.
The market started in strong bullish mode but recorded a steep freefall during intraday but the news of the approval of the Government Guaranteed Market Support Fund by the Economic Coordination Committee of Federal Cabinet settled the nerves at the bourse in the final hour.
The Pakistani bourse will remain closed on Friday due to a religious holiday in the country.
The Pakistan Stock Exchange's benchmark KSE 100-Index inched up by 0.04 percent, or 15.36 points, to finish the month of May at 35,974.79 points on Thursday when compared with 35,959.43 points recorded on Wednesday.
During the abbreviated four-day week that culminated on May 30, the main index accelerated by 0.76 percent, or 270.98 points, from 35,703.81 points on Monday to close at 35,974.79 points on Friday as two of the four sessions closed on both sides of the equation.
The key index is currently trading 31.96 percent, or 16,901.67 points, below its all-time historic peak of 52,876.46 points achieved on May 24, 2017, when the Pakistani equity market was filled with the confidence following its inclusion in the Morgan Stanley Capital International's Emerging Markets Index on the back of a strong unprecedented bullish momentum during the year.
The month of May proved to be heavily-favoring bears as the main index slid by 2.20 percent, or 809.65 points, from 36,784.44 points on May 1, 2019, to 35,974.79 points on May 30, 2019. The month of May registered only nine bullish trading sessions as against 12 bearish trading days.
During the first five months of the ongoing year, the main index trimmed down by 2.95 percent, or 1,091.88 points, from 37,066.67 points on Jan. 1, 2019, to 35,974.79 points on May 30, 2019.
The key index depleted by 14.16 percent, or 5,936.11 points, during the first 11 months of the fiscal year of 2018-19 from 41,910.90 points on July 1, 2018, to 35,974.79 points on May 30, 2019.
During Thursday's trading session, the main index moved in a healthy range of 867.64 points as it touched an intraday high of 36,525.43 points as against an intraday low of 35,657.79 points.
The KSE All-Share Index gained by 0.22 percent, or 58.47 points, to close at 26,155.49 points, the KSE 30-Index slipped by 0.14 percent, or 24.24 points, to end at 17,155.60 points, the KMI 30-Index fell by 0.18 percent, or 102.42 points, to conclude at 58,233.69 points, whereas the Islamic All-Share Index dipped by 0.06 percent, or 10.13 points, to finish the month of May at 35,974.79 points.
Muhammad Faizan, Head of Foreign Institutional Sales at Next Capital Limited in the port city of Karachi said that the Pakistani equities closed the roll-over week with a wild rollercoaster ride which involved visits to both sides of the equation.
He further stated that the benchmark index was higher at the open and continued to rally in the morning making a plunge as investors started to book profits ahead of the holiday season. "The sell-off was brutal," he added.
For a little more than two hours, stocks moved straight down, he said, adding that in the last half an hour of the trading session, news reports started surfaced regarding the ECC's approval for the Government Guaranteed Market Support Fund, which generated a rally into the close thereby helping the index to finish the day with a win.
Market volumes improved by 9.13 percent, or 16.656 million shares, to 199.133 million shares on Thursday when compared with the trading of 182.477 million shares posted on Wednesday. During the week that ended on Friday, the top Pakistani stock market registered total volumes of 659.13 million shares at an average daily turnover of 178.449 million shares.
Market capitalization surged by 0.21 percent, or 15.106 billion rupees (101.553 million U.S. dollars), to 7.240 trillion rupees on Thursday when compared with a market capitalization worth 7.225 trillion rupees posted on Wednesday.
Market value increased by 16.93 percent, or 1.294 billion rupees, to close at 8.936 billion rupees on Thursday as against Wednesday's figure of 7.643 billion rupees.
Among 325 active scrips on Thursday, the prices of 184 issues closed in the bearish lap, 119 managed to finish in the green zone, whereas values of 22 other listed companies stayed unchanged ahead of the long weekend.
Bank of Punjab XD, Maple Leaf Cement Factory Limited, and Unity Foods Limited were the top traded companies with turnovers of 25.413 million shares, 14.182 million shares and 12.744 million shares, respectively.
Nestle Pakistan Limited emerged as the top price gainer of the day with an increment of 148.40 rupees per share to close at 7,148.50 rupees while on the other hand, Premium Textiles Limited led the major price shedders with a decrement of 8.90 rupees per share to finish the final trading session in the month of May at 211.10 rupees. (1 U.S. dollar = 148.75 rupees)
