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Bullish streak continues as index gains 295 points

Bullish streak continues as index gains 295 points

KARACHI: Regardless of the ripples created on the political front, stocks maintained the bullish momentum for the eighth consecutive session, with the KSE-100 index adding 295.16 points on Friday to close at 32,441.74.

The ongoing rally has enabled the index to gain 1,874 points (3.7pc).

Volume increased to 150m shares though trading value decreased to Rs8.6bn.

As institutional investors continued to buy value stocks, foreigners also joined the bandwagon, recording net purchases of $3.59m worth stocks.

Major contribution to the index came from ENGRO, DAWH, OGDC, FFC and PSO adding 188 points, while FML and NESTLE were able to marginally drag down the index.

“On the back of rising global crude prices, the local E&P companies closed in the green with a cumulative contribution of 52 points. PSO (2.59pc) also contributed 20 points towards the index as the stock gained investor’s attention over news of Pakistan’s ministry of petroleum supporting a potential increase in OMC margins,” stated dealers at Global Securities.

ENGRO again hit the ‘upper-circuit’ (5pc) while Engro Foods gained 4.99pc for second straight session.

Arhum Ghous at JS Global said that some profit-taking was observed in the cement sector as DGKC down 0.37pc, CHCC 0.09pc and MLCF 0.16pc lost value to close in the red zone.

Revival of interest in the pharmaceutical sector was also observed where key stocks such as GLAXO, HINOON, IBLHL and SEARL all closed on their upper-circuit.

“Bulk of the contribution to upside came from ENGRO, LUCK, DAWH, OGDC and HUBC contributing 468 points during the week,” stated analysts at Intermarket Securities.

Courtesy : Dawn News



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