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Stocks add 351 points to overnight rally

KARACHI: The stock market staged another robust rally on Friday with the KSE-100 index adding 351.01 points (0.72 per cent) to close at 49,364.83.

The market saw intense volatility, if not in the index movement, rise and fall in most individual stocks. The Friday factor did not push back the bulls and the index continued to soar as Finance Minister Ishaq Dar visited the market to witness the signing ceremony of PSX’s 40pc strategic shares sale purchase agreement.

“The KSE-100 index clocked in a cumulative gain of 1,355 points from low posted on Tuesday till intraday high (49,464.06) in Friday’s session,” pointed out analysts at Interma-rket Securities.

Steel sector was the major gainer where scrips including INIL, ISL and ASL closed on the upper circuit. ASTL was higher 2.23pc and Mughal Steel 0.94pc. Autos staged a mini breather after rallying hard during this week with PSMC up 2.65pc, HCAR 0.67pc and INDU 1.92pc closing on a reactive note.

GHNL and GHNI fell 1.46pc and 1.57pc. Pharma­ceuticals were gainers with SEARL up 0.66pc, ABOT 3.57pc, GLAXO 0.74pc and FEROZ 1.85pc all supporting the index. From sector perspective, telecommunication rose 2.05pc, Cons­umer Discretionary 1.52pc and HealthCare 1.38pc kept the overall direction northbound.

Ahsan Mehanti at Arif Habib Corp commented that the stocks closed bullish led by selected auto and cement stocks amid speculations ahead of major earning announcements due next week.

Recovery in global crude prices invited mid session support in oil stocks.

Courtesy : Dawn News



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