KARACHI: The winning streak at the stock market extended into the third successive day on Thursday when the KSE-100 index mopped up another 222 points (0.5 per cent) to close at 43,581.

Trading was choppy with the market making a positive gap opening mainly on the back of higher international oil prices at $64 a barrel. “Results of T-Bill auction raised hopes of rate hike as banks did not bid in the 6 and 12-month T-Bill auction”, stated Topline Securities.

Market sentiments received a boost from reports of Prime Minister hinting at a one-time amnesty scheme on offshore assets. Investors were also relieved at the conclusion of political protest by the opposition on 17th though the National Assembly criticism of opposition leaders for deriding the parliament kept investors on tenterhooks.

The index rose by intra-day high of 645 points knocking down the 44,000 points barrier, which also marked new intra-day high for 2018.It later succumbed to selling pressure and touched intra-day low of 167 points before the foreign fund managers swooped to accumulate blue chips at dips, making fresh investment of $4.97 million on Thursday. It took the 13-session collective inflow to $76.1m. The market also witnessed buying by companies and mutual funds, which gave further impetus to the rally.

Volume was up 77pc over the previous day to 268m shares while the traded value increased by 106pc to Rs13.6 billion as more blue chips came up for trading. Top five contributors were Engro Corporation, up 2.8pc, Habib Bank 1.4pc, Kohinoor Textile Mills 4.5pc, MCB Bank 0.7pc and Hub Power Company 1pc together adding 133 points. Steel sector continued to perform well as Mughal Steels, growing by 5pc, Amreli Steels 3.29pc, International Industries 1.09pc and Crescent Steel 0.79pc closed higher than their previous day’s close.

Published in Dawn, January 19th, 2018