PSX gains 824 points amid buying spree.

slamabad: The KSE 100 exchange recovered the losses incurred in the previous session, as it gained around 812 points on the last trading session of the week and closed at 37,944-level.

The sentiments in the market were driven by the expectation that the State Bank of Pakistan, along with keeping the policy rate unchanged will reduce the statutory liquidity ratio.

The index traded in a range of 994.62 points or 2.68 percent of previous close, showing an intraday high of 37,949.83 and a low of 36,955.21.

Irfan Saeed, Senior Vice President at BMA Capital said the index bounced back due to heavy buying from the companies worth $6.8 million, Mutual funds worth $1.9million along with brokers propriety around $1.4 million. He said market sentiments were upbeat amid high expectations of interest rate cut, but as he claimed earlier, it was a farfetched prospect since inflation rate increased consistently. He said since interest rates remained unchanged at 13.25%, market is expected to bear its impact next week. He added, however, any dip in the market, will be an investment opportunity amid exorbitant inflow of funds through Special Convertible Rupee Accounts (SCRA) which is being directed to the stock market.

The Index traded in a range of 994.62 points or 2.68 percent of previous close, showing an intraday high of 37,949.83 and a low of 36,955.21

Sectors jacking up the index were Commercial Banks with 203 points, Fertilizer with 134 points, Oil & Gas Exploration Companies with 130 points, Cement with 88 points and Power Generation & Distribution with 43 points. The most...