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Stocks market rally extends to eighth day

Stocks market rally extends to eighth day

KARACHI: Stocks continued to climb for eighth session in a row on Tuesday with the KSE-100 index up by 82.46 points to close at 31,960.61.

The index surged by 295 points in early trade but came off later as the agitation by employees of Pakistan International Air­lines (PIA) took a turn for the worse.

It forced nervous investors to trim down their positions and wait until the dust settled.

Traded volume rose 7pc to 144.3m shares and value increased by 6pc to Rs8.6bn. Foreigners did minuscule buying of $0.25m worth stocks.

According to brokerage Sunrise Capital Ltd, cement sector witnessed the highest amount of activity; followed by commercial banking and technology and communication sector.

Analysts at In­ter­­market Securities stated: “From the perspective of contribution to the index, HBL, UBL, MCB, LUCK and NBP contributed 121 points, while OGDC, PPL, PAKT, EFERT and POL took away 99 points.”

In banking sector, HBL rose 2.79pc; BAFL 2.26pc and MCB by 1.32pc.

International oil prices resumed their downtrend due to which investors closed their positions. OGDC and PPL declined by 2.8pc each, and POL fell 2.3pc.

Analyst Ahmed Saeed Khan at JS Global stated that oil stocks lost value amid speculation of building US crude inventories.

With global markets expected to undergo another rout, it is possible that concerns over oil prices may return to haunt the markets in the coming days, analysts said.

Investors continued to accumulate cement stocks which had fallen to attractive valuations in the last run-down on prices.

LUCK, MLCF and DGKC rose 1 to 1.3pc.

Courtesy : Dawn News



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