After a day’s break, the bulls returned to the market on Friday with retaliation and tossed the index up by 336 points, or 0.70 percent, to close at 47,126.29 taking the entire week’s accumulated gains to 1,211 points, or 2.60pc, regardless of it being the roll-over week.
The spell of breaking new traded volume records came to a stop as the aggregate turnover fell 57pc to 960m shares from incredible 2.22bn shares traded on Thursday. The speculators’ frenzy of churning out volumes in the penny stock Worldcall died down as it posted volume of 380m shares, taking a dip of 60pc from 950m shares that changed hands on Thursday. Most market watchers said that the stocks were on fire and there was yet room to go up on promise of an industry-friendly budget for 2021-22 to be presented on June 11.
Former chairman of the exchange Arif Habib claimed that a string of positive news garnered investors’ interest. Finance Minister Shaukat Tarin had projected GDP growth at a comfortable 3.94pc for the current year with hopes of improving it to 5pc next year. He had also provided relief to the investors by stating that Pakistan had informed both the World Bank and IMF that it was not possible to raise tariffs or taxes under the current program.