Pakistan stocks end higher led by dividend-yielding stocks
KSE-100 index gained 0.4% to close at 117,587 points
Pakistan stocks closed on a positive note on Friday, despite a tumultuous first half marked by the absence of significant positive triggers.
Dividend-yielding stocks provided much-needed stability, as investors leaned towards safer options to maintain the market's momentum.
Engro Fertilizer surged 9.46%, Fauji Fertilizer (FFC) climbed 2.59%, and Dawood Hercules increased by 6.19%, making significant contributions to the index gains.
Conversely, Lucky Cement fell by 3.75%, Systems Limited dropped 3.24%, and Pakistan Petroleum declined by 2.64%, serving as the biggest drags on the index.
KSE-100 index gained 0.4% or 467.33 points to close at 117,586.98 points.
Indian stocks went down on Friday because investors were selling their shares to take profits while the US dollar got stronger.
Most sectors saw a lot of selling. The IT, Bank, Financial Services, Pharma, and Realty sectors all dropped.
Experts say that selling shares of big companies like HDFC Bank, ICICI Bank, Infosys, and TCS caused the main stock indices to fall.
BSE-100 index shed 0.60% or 152.78 points to close at 25,460.25 points.
DFM General Index shed 0.52% or 26.59 points to close at 5,126.74 points.
Commodities
Oil prices stayed the same on Friday and are likely to increase for the week. They were supported by cold weather in Europe and the U.S., and China suggesting more economic help.
China's economy showing weakness led people to expect measures to stimulate growth in the world's biggest oil importer.
Brent crude prices lost 0.18% to $75.79 per barrel.
Gold prices remained little changed on Friday before the US Manufacturing PMI data for December.
In 2024, gold had an impressive performance with gains over 27%, the best annual return since 2010. This rise is due to strong safe-haven demand amid ongoing geopolitical tensions in the Middle East and the prolonged Russia-Ukraine conflict.
International gold prices decreased 0.03% reaching $2,655.76 per ounce.
Currency
US dollar remained steady against PKR in the inter-bank market. Pakistani currency remained flat at 278.55. In the open market USD was trading at PKR 279.
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