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Stocks continue record-breaking streak

KARACHI: Stocks continued their northbound journey on Wednesday with the benchmark KSE-100 index adding 295.59 points, or 0.67 per cent, to close at a new all-time high of 44,494.99.

The rally lifted the five-session cumulative gains to 1,876 points. Cements led the rally, while investors’ interest remained focused on the Supreme Court hearings. Volatility was witnessed in the market as the index traded between an intraday high of 346 points and a low of 92 points.

Analyst Ahsan Mehanti at Arif Habib Corporation said the index closed bullish led by selected fertilisers, banking and cements scripts on strong valuations.

The volume of shares tra­ded during the day increased 6pc to 471 million shares while the trading value jumped 26pc to Rs21 billion.

Major contribution to the upside came from Lucky Cement which rose 4pc, MCB Bank 2.25pc, Habib Bank 0.94pc, Searle 3.77pc and Engro Corporation 1.56pc, which together added 195 points to the index.

Dealers at Topline Secur­ities said the positive sentiment was seen in cement stocks. DG Khan Cement was up 1.90pc, Lucky 4pc, Maple Leaf 2.12pc and Fauji 0.92pc. In contrast, Cherat Cement declined 2.18pc and Fecto 1.68pc amid profit-taking.

Investors’ fresh position in the banking sector further supported the market. MCB Bank (up 2.25pc) managed to outperform the rest after the NIB (down 5.43pc) merger announcement.

Profit-taking was seen in the exploration and production sector as the OGDC fell 1.63pc, PPL 1.41pc and Pakistan Oilfields 1.02pc; they dragged the index down by 63p points.

Intermarket Securities pointed out that the fertilisers staged a buoyant session amid rising off-take and improved gas prices. Engro Pakistan rose 1.56pc, Fauji Fertiliser 0.33pc and Engro Fertilsers 1.34pc.

courtesy: dawn news

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