KARACHI: Karachi Stocks Exchange (KSE) remained in green zone on recovery mode as cement, financials and almost all scrips excluding energy sector witnessed upturn on Friday, floor brokers said.

KSE-100 index gained 281.71 points to close at 31,413.96 points as compared to 31,132.25 of
the previous session.
The KSE-30 Index rose
by 104.63 points and
closed at 19,886.19 points against 19,781.56 points of last closing.

Haris Ahmed Batla of Elixir Securities said another round of bull rally with benchmark index sustaining 31,000 level to close at 31,414 points. Despite positive open, index struggled in early trade as oil stocks were seen under pressure following bearish sentiments in international crude to hurt index heavy Oil and Gas Development Company (minus 2.89 percent), Pakistan Petroleum (minus 2.34 percent) and Pakistan Oil Fields (minus 4.85 percent), that went on to hit lower price limit towards the close. On the contrary, sentiments remained bullish in wider market led by cement and financials, out of most closing on their respective upper price limits. Second tier illiquid and prime beneficiaries of declining oil prices, namely Berger Paints (plus 5 percent) and Ittehad Chemicals (plus 5 percent) also managed to close at upper price limit while volumes chart remained dominated by small cap retail plays, he added.

Batla expectrd market to consolidate at current levels following sharp recovery of 10 percent in last 4 trading sessions while he remained optimistic on index over improving macros and expected visit of Chinese President due this month.

Habib Metropolitan Financial Services analyst Kumail Chevelwalla said, “Bullish sentiments continued to be prevalent on the local bourse as almost all the scrip traded in green pastures with the exception of oil stocks which at times created downward drag on the overall index following the news of Iran-US outline agreement”.

Energy stocks were the leaders in turnover with penny stock TRG taking lead with 26 million traded volumes. Following the recent unjustified battering of cements, majority of the stocks closed near their upper limits. The market has already gained 3.9 percent approx in the three trading sessions of the new month and with negative sentiment slowly abating, we expected trading on fundamentals to resume and investors to take advantage of attractive valuations, said Chevelwalla.

The market volume increased to 285.062 million shares traded on Friday as compared to 201.986 million shares traded in previous session. The overall market capitalisation swelled to Rs 6.934 trillion as compared to Rs 6.903 trillion of previous session.

Trading value at local bourse jacked up to Rs 12.650 billion against Rs 10.330 billion of previous session. Out of 362 scrips, 270 scrips advanced, 75 scrips declined while the value of 17 scrips remained unchanged.

The KMI-30 index increased by 292.79 points to close at 51,353.88 points as compared to 51,061.09 points of the previous session. The KSE all-share index went 102.80 points up to close at 22,270.04 points as compared to 22,167.24 points of the previous session.

TRG Pak Limited was the volume leader in the market with 28.784 million shares as it closed at Rs 15.91 followed by Pak Elektron with trading of 22.864 million shares
and closed at Rs 50.78. Japan Power traded 19.957 million shares and closed at Rs 3.83.