KSE-100 powers past 47,000 with 573-point gain

KSE-100 powers past 47,000 with 573-point gain

Breaking its shackles, the benchmark KSE-100 Index ended the week on a high, gaining 573 points amid higher volume to power past the 47,000 level on Friday.

At close, the KSE-100 finished with a gain of 573.17 points or 1.23% to settle at 47,198.29.

The index opened positive and, for a change, managed to sustain its gains to move past 47,000, which was proving to be a barrier as well. Earlier, the KSE-100 failed to break the 48,000-point level, and stayed in a narrow range for months.

On Thursday, the index had broken a three-day losing streak, finishing 228 points higher.

On Friday, sectors driving the benchmark KSE-100 index upwards included cement (131.03 points), technology and communication (126.34 points), and banking (113.24 points).

Volume on the all-share index increased from 396.43 million on Thursday to 427.45 million on Friday. The value of shares traded during the session also recorded an increase to Rs18.18 billion from Rs16.54 billion.

Azgard Nine was the volume leader with 39.67 million shares, followed by Service Fabrics with 33.53 million shares, and Maple Leaf at 26.96 million shares.

Shares of 528 companies were traded on Friday, of which 308 registered an increase, 203 recorded a fall, while 17 remained unchanged.

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