KARACHI: The stock market is on fire. Following the stellar gains of 2,116 points (4.89 per cent) last week, there was no let-up in the investors’ buying spree on Tuesday as the KSE-100 index amassed another 407.66 points (1.04pc) to close at an all-time high of 45,857.89 points.
The index opened the gap up (400 points) and the bulls knocked down the 46,000-point barrier in the intraday trade to reach 46,126 points.
The rally on Tuesday was sparked by a continuous upward trend in international oil prices following the decision by Opec and non-Opec producers to cut production.
Among exploration-and-production sector shares, OGDC, PPL and POL contributed 207 points to the index gains on Tuesday. Following their lead, PSO gained 1.28pc, Hascol 0.40pc, Shell 4.91pc, Attock Petroleum 4.18pc, Attock Refinery 2pc and National Refinery 0.53pc.
Overall, volumes decreased 5.8pc over Friday’s session to 383 million shares while the value remained flat at Rs22 billion.
Topline Securities Equity Sales Manager Hammad Aman noted that the Private Power and Infrastructure Board (PPIB) issued a letter of support to Thar energy, a wholly owned subsidiary of Hub Power Company (Hubco), for developing 330MW mine mouth power project in Thar. This led to a 2pc gain in Hubco’s price.
Sui Northern announced earnings per share of Rs0.20, which was higher than market expectations. Its stock gained 1.1pc.
Intermarket Securities stated in its report that the gains to the upside were also underpinned by a robust performance from autos amid speculations of improving sales on a sequential basis and a weaker yen. Pak Suzuki gained 1.35pc, Indus Motor 1.15pc, Honda Atlas Cars 0.58pc and Millat Tractors 2.62pc.
Banks staged a comeback amid a change in the outlook on inflation leading to significant gains followed by profit-taking towards the end of the session. Pharmaceuticals had another field day with Searle going up 4.37pc, Abbott 2.17pc and Glaxosmithkline 0.79pc.
Courtesy : Dawn News