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Stocks stage 374-point rally on banking sector

Stocks stage 374-point rally on banking sector

KARACHI: The bullish fire flared up at the stock market as investors scrambled to pick up equities for the seventh consecutive session on Thursday. The KSE-100 index shot up 373.68 points (1.18pc) to close at 32,146.58.

In the last seven sessions, the index gained more than 1,582 points, which is about to recover almost the entire loss suffered since the start of the year.

The sticking point continued to be foreign selling which year-to-date amounted to $92.40m.

Traded volume declined 13pc to 139.8m shares and value decreased 15pc to Rs9.3bn.

Stable crude prices and rally in global equities managed to uplift the local sentiment while on the domestic front better-than-expected cement despatches, Nepra’s approval of Rs4.11 cut in electricity tariff and reduction in POL prices by Rs8.48 per litre were some of the major reasons identified by Intermarket Securities for the relentless run up of share prices.

Major contribution to index gain came from ENGRO, HBL, DAWH, LUCK and UBL adding 210 points, while FML, DGKC, and FEROZ contributed marginally towards dragging the index down.

The upsurge was led by the banking sector.

“Institutional interest in banking stocks resulted in gains across the sector. MCB, HBL and UBL increased 1.7pc to 3pc,” dealers at Topline Securities affirmed.

ENGRO and EFOODS closed at their upper-limits (up 5pc) after ENGRO notified the exchange that it has received an offer from FriesmanCampina Inter­national Holding BV to acquire up to 51pc of voting shares of EFOODS.

Analyst Ahsan Mehanti at Arif Habib Corp stated that rally in global equities, stable crude prices and falling T-bill yields were major contributors in bullish close.

Courtesy : Dawn News



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