KARACHI: The relentless bull run entered fourth consecutive day as the KSE-100 index made another sharp spurt of 597.95 points (1.37 per cent) on Friday. The index settled at 44,178.83.

Since Jan 1 the benchmark index has recovered 3,707 points (9.2pc) from the loss sustained in 2017. The foreign investors have been in the forefront of the ongoing bullish fervour.

In the last 14 trading sessions, foreign fund managers have cherry-picked mainly blue-chips worth a heavy $82.5m, including net purchases of $6.4m on Friday. Local participants have generally opted to sell. Except the individuals, all institutions continued to book profit on Friday.

Intermarket Securities stated in its daily report that the exuberance of foreign funds globally has led to sustained allocations for Pakistan market.

The volume declined 22pc over the earlier day to 209m shares that changed hands on the last day of the trading week. WorldCall, SSGC, Dewan Cement and Faujii Cement contributed 44m shares or 21pc to the aggregate turnover. The traded value was also down 22pc to Rs10.7bn.

Habib Bank was up 1.76pc, United Bank 1.87pc, Engro Corp 1.98pc, Lucky Cement 2.05pc and Millat Tractor 5pc, adding 193 points to the index upside.

Bullish sentiments were witnessed in the cement sector where DG Khan gained 3.55pc, Fauji Cement 3.33pc, Cherat Cement 3.95pc and Maple Leaf 3.13pc. Auto sector also turned stronger with Indus Motor 4.55pc, Pak Suzuki 4.93pc, MTL 5pc and Honda Atlas Cars 4.57pc. Dewan Motors closed at its upper circuit.

Sector-wise, according to Arif Habib Securities, commercial banks contributed 123 points, cements 112 points, automobile assemblers 84 points and fertilisers 71 points to the rally.

Published in Dawn, January 20th, 2018