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Stocks bullish in year-end session

KARACHI: The stock market extended its winning streak for the fifth consecutive session on the last trading day of 2016 on Friday.

The benchmark KSE-100 index gained 140 points, or 0.29 per cent, to close at its new all-time high of 47,806.

Trading remained choppy on account of alternative bouts of buying and profit-taking as the index twice rose to over 250 points during the day to near 48,000 points. However, an hour before the closing time, the index plunged in the red to an intraday low of 22 points, only to recover with investors happy to see the year fading out on a positive note.

Overall, the volume of traded shares fell 0.1pc to 387 million shares on Friday, while the trading value rose 1pc to Rs18.8 billion. Dost Steels Ltd and the Bank of Punjab led the volumes with a combined turnover of 83m shares.

Manager Equity Sales at Topline Securities Hammad Aman observed that December proved to be the best for the market, which rallied 12pc. Of the 21 trading sessions during the month, the market closed in the positive in 18 sessions, he said.

On Friday, United Bank (UBL), Habib Bank (HBL) and Lucky Cement contributed 135 points to the index gains Major activity was witnessed in engineering, cement and banking sectors, researchers at brokerage Sunrise Capital (Pvt) Ltd said.

The steel sector remained in the limelight with the highest turnover of 22m shares, topped by Dost Steels Ltd which rose 5.3pc and International Steels Ltd 1.13pc.

In the cement sector, Lucky, DG Khan, Maple Leaf and Attock remained positive during the whole session and appreciated by 2.16pc, 0.30pc and 1.97pc, while Dewan and Fauji dropped 4.12pc and 0.46pc, respectively.

courtesy : dawn news



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