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Bulls take index to new high of 47,425 points

KARACHI: The raging bulls easily knocked down the KSE-100 index resistance level of 47,000 on Wednesday and tossed the index up by 504 points (1.07 per cent) to its new all-time high 47,424.63 points.

The market opened with bullish momentum, gaining over 300 points soon after the opening bell.

Stock prices rose almost across the board, which included E&P, OMCs, fertiliser, cements, banks, power, textile, glass, pharmaceuticals and autos sectors. “Investors remained upbeat towards the index-heavy banking sector. MCB Bank, Habib Bank and United Bank cumulatively added 119 points to the gains,” said a dealer at Topline Securities.

Overall volume increased by 37pc to 273m shares over the previous day while trading value increased by 49pc to Rs16.4bn.

Fertiliser sector gained on the back of sales numbers released by National Fertiliser Development Centre (NFDC) for November, which indicated a month-on-month increase of 112pc for urea 32pc for DAP. EFERT rose 1.89pc and FFBL 1.61pc.

“Investor interest was seen in the cement sector on the back of anticipation that there will be a year-on-year growth in cement despatc­hes for December. DGKC up 2.18pc and FCCL 2.23pc,” commented analysts at JS Global.

Intermarket Securities observed that the contribution to the index upside came mainly from MCB up 2.33pc, HBL 1.14pc, Nestle .97pc, UBL 1.54pc, Engro 1.98pc, POL 1.65pc, PPL 1.51pc, Hascol 1.91pc, EFOODS 5pc, LUCK 1.08pc, HCAR 1.51pc, KTML 1.86pc and HUBC 1.06pc.

The banking sector emerged as the top contributor towards the day’s rally with MCB gained 4.34pc, HBL 1.14pc and UBL 1.54pc, said dealer Abra Juma on sales desk at Global Securities.

courtesy : dawn news



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