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Banks give stocks a boost

KARACHI: Led by the financial sector, the stock market built the upside momentum, consistent with the earlier day. The index closed up 363.54 points (0.85 per cent) near its all-time high at 43,270.9.

After a sluggish start due to the Friday factor and in line with trend in regional markets, investors’ began building fresh positions, which carried the KSE-100 index up by 401 points, easily breaking through the 43,000-level resistance.

Dealer Imran Ali at Invest & Finance Securities contended that the bullish spree was supported by local liquidity inflows as concerns over foreign sell-off subsided, with mixed interest in main and sideboard stocks.

Banks outperformed the market, with Habib Bank recording gains of 2.88pc, MCB Bank 2.31pc, United Bank 1.85pc and Bank Alfalah 4.95pc. Together, the four banks contributed 167 points to the index gains. “The sector was likely supported by institutional and foreign buying,” dealer Abra Juma on sales desk at Global Securities said.

While the exploration and production and oil-marketing companies took a breather after the heavy gains on Thursday, cement and pharmaceutical sectors contributed to the day’s rally. Searle Company Ltd rose 4.14pc, GlaxoSm­ithK­line 5pc, Abb­o­tt Laborat­ories 1.32pc, Hig­h­noon Laboratories 1.06pc and Ferozsons 0.39pc.

Analysts at Intermarket Securities said that the cem­ents had an extremely buoyant session amid reports of 10pc increase in despat­ches for the outgoing month. DG Khan Cement increased 1.32pc, Lucky Cement 0.40pc, Maple Leaf Cement 1.87pc and Fauji Cement 0.08pc.

Textiles managed to stay in the limelight and barring Nishat Mills Ltd, which traded in the red and fell 0.28pc, Nishat Chunian rose 0.26pc, Gul Ahmed 2.68pc, Kohinoor Textile 3.5pc and Azgard Nine 11.57pc.

Courtesy : Dawn News

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