KARACHI: Extending its rally into the second day, the stock market saw the KSE-100 index cross the barrier of 49,000 points on Friday with a gain of 324.6 points, or 0.67 per cent, to close at an all-time high of 49,038.23 points.

Volumes rose to 431 million shares from 329m shares traded a day ago while the value grew to Rs20.7 billion from Rs18bn.

The start of the session was weak as the index dipped 63 points in the red partially due to the Friday factor. But it managed to gain traction mainly in the second half with the investors’ interest centred on the textile sector.

According to a trader, word was doing the rounds that the government was about to announce the textile package. Shares in the textile sector sold like hotcakes. Nishat Mills, Gul Ahmed Textile Mills and Nishat Chunian closed at their upper limits. In the heat of the moment, investors shed their concerns over the outcome of proceedings at the Supreme Court.

Gains to the upside were underpinned by rallies in steel, glass and pharmaceutical sectors. Index heavyweights oil and gas and banking sectors contributed slightly to the upside. The fertiliser sector continued to garner the investors’ interest as it added 1.7pc value to its previous day’s close, supporting the index by 64.71 points. Fauji Fertiliser was up 2.4pc and Fatima Fertiliser rose 4.93pc.

The cement sector rema­ined under pressure despite the release of the latest despatch numbers, which indicated a year-on-year incr­ea­se of 3.33pc for December.

Contribution to the upside also came from Pakistan International Bulk Terminal 4.79pc and Engro Corp 1.08pc. In addition, Adamjee Insurance 3.78pc, ICI 5pc, PSO 0.93pc, Kohinoor Tex­tile 2.46pc, Pakistan Oilfi­elds 0.99pc and Habib Metro 3.09pc also contributed towards keeping the index buoyant. Stocks that lost their values included Pakistan Tobacco 4.99pc, Lucky Cement 0.43pc, DG Khan Cement 0.63pc, Honda Car 1.49pc and PPL 0.22.

Published in Dawn, January 7th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.