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PSX: Rumors that Pakistan might exit the FATF grey list encourage bulls

KARACHI: Benchmark KSE-100 Index closed at 31,884 gaining 912 points (2.9%) as rumors that Pakistan was about to exit the FATF grey list allowed bulls enter the bourse here today.

Overall 176 million shares worth Rs. 6.9 billion were traded. Among the E&P companies, value of OGDC shares augmented by 5pc, PPL by 4.3pc, and Pakistan Oilfields Limited by 5pc.

In Cements, Fauji Cement Company Ltd. shares gained value by 7pc, Maple Leaf Cement Factory Ltd. by 5.2pc, Pioneer Cement Ltd. by 5.1pc, D.G. Khan Cement Company Ltd. by 5pc and Cherat Cement Company Ltd. by 5pc. In Banks, UBL shares gained value by 2.3pc, Bank Alfalah Ltd. by 5pc and HBL by 1.5pc.”

Major contribution to total market volume came from Worldcall Telecom Ltd. up 27pc, K-Electric Ltd. up 13pc, Bank of Punjab  9pc and Unity Foods Ltd. up 2pc. Pundits at the helm of affairs are positive that bulls will keep on raging in the coming days too. 

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.