KARACHI: After consolidating for six sessions in a row, the market turned buoyant on Thursday with the KSE-100 index clocking gains of 208 points (0.53 per cent) to close at a new all-time high of 39,306.79 points.

Trading volumes remained flat at 233 million shares and traded value increased 5.5pc to Rs15.3bn. Pak Electron Limited (PAEL) was the volume leader which saw 22m shares changing hands and the stock hitting its upper limit. Foreign investors sold shares worth $2.56m on Thursday to book profits after several days of accumulating high-cap stocks.

In terms of contribution to the KSE-100 Index LUCK, FML, PSEL, PAEL and FATIMA added 118 points while KAPCO took away 10 points from the index. “Gains on Thursday came on the back of activity seen across the board with autos, mutli-utilities and fertilizers standing out as top performers for the day.” stated analysts at Intermarket Securities. Among sectors, the worst performance came from glass, power and textiles.

Dealers at Topline Securities noted that investor interest continued in the cement industry. As a result, Lucky Cement gained 2.5pc and contributed 42 points to the index. In addition, D.G. Khan Cement (DGKC) and Maple Leaf Cement (MLCF) were up 0.8pc each. Engro Fertilizer (EFERT) exhibited strong investor interest and gained 2.1pc.

Global Securities pointed out that Lucky Cement contributed the most towards the KSE-100 index as the scrip remained in the limelight ever since reports suggest its inclusion in the MSCI EM index. The scrip traded at an all time high and crossed the Rs700 per share mark for the first time.

Analyst Nabeel Haroon at JS Global stated that the automobile sector continued to garner investor interest on the back of a weakening yen with Indus Motors up 2.4pc and PSMC 2.4pc.

Published in Dawn, July 22nd, 2016