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Stock rally continues, tossing index to new peak

KARACHI: The KSE-100 index continued its northbound journey for the 12th successive session on Tuesday with a gain of 271.47 points (0.58 per cent) to close at an all-time high of 47,210.06.

The index represented intra-day gains of 442 points when it touched the day’s peak at 47,380.53.In the 12 sessions of winning streak, the KSE-100 index gained a whopping 10.8pc. Pre­viously, the index had continued to rise for 14 consecutive sessions in Feb 2015, but perhaps the returns were not as enormous.

On Tuesday, Habib Bank, United Bank and Hub Power collectively contributed around 300 points to the index, which left several investors guessing if KSE-100 index truly represented market performance.

Following a weak start the index recovered off its lows on late heavy buying. Analyst Nabeel Haroon at JS Global stated that the intra-day rally was witnessed in the banking sector, which rose 2.8pc over the earlier day.

Profit-taking was witnessed in the E&P sector on the back of nominal decline in crude oil prices. POL and OGDC were major losers, down 2.17pc and 1.21pc, respectively.

Overall volumes increased by 30pc over the earlier day to 450m shares, while trading value increased by 5.6pc to Rs21.7bn.

Analysts at Intermarket Securities said that the banks came out of the closet after under-performing for some time with HBL hitting its upper circuit, HMB was up 4.74pc, follwed by BAHL 4.79pc, MCB 2.49pc, UBL 3.47pc and NBP 2.07pc. With the last quarter coming to an end, earnings expectations are high on the back of rising inflation and crude oil prices.

Profit-taking was more pronounced in cements, autos, glass and pharmaceuticals.

courtesy : dawn news

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