KARACHI: Bulls were in complete command at the stock market on Thursday with the KSE-100 index surging by 364.44 points (0.88 per cent) to close at 41,908.71.

The index is now two sessions short of the record rally of 13 sessions (Dec 1-20, 2016).

In the last eleven sessions in a row, the KSE-100 index has made cumulative gains of a stunning 3,986 points.

After taking a breather a day earlier, bulls took center stage on Thursday. Investors bought banking stocks aggressively anticipating a rate hike on back of rising oil prices and inflation.

Similar trend was seen in Pharma sector on prospects of increase in drug prices, said analysts at Topline Securities. The market rallied despite a politically tensed environment.

The Index opened positive and touched a new high as institutional participation was witnessed mainly in the main board stocks with the index making an intra-day high of 451 points.

The volume rose 13pc over the earlier day to 222 million shares while traded value shot up 12pc to Rs8.58 billion.

K-Electric, increased by 2.96pc, was the volume leader, motivated by the soon-to-be-closed multi-year tariff deal with Shanghai Electric.

Top five contributors were United Bank, up 4.3pc, Habib Bank 2.1pc, Lucky Cement 2.8pc, Oil and Gas Development Company 1.2pc and Searle Pakistan 5pc, totaling 233 points. On the other hand, Colgate-Palmolive declined by 4.7pc, Sui Northern Gas 2.1pc, D G Khan Cement 0.9pc, Cherat Cement 2pc and Bank Al Habib 0.5pc, withholding 41pts on aggregate. Sector-wise, commercial banks added 155 points and exploration and production 36 whereas oil and gas marketing companies withheld 20 points.

Published in Dawn, January 5th, 2018