KARACHI: Stocks extended their euphoric rise for the second day on Wednesday, triggered by the surprise devaluation of the rupee by 4 per cent a day earlier. The KSE-100 index gained 336 points (0.80 per cent) to close at 44,646.
Banks remained in the spotlight yet again, as investors speculated an interest rate hike by the State Bank of Pakistan in the upcoming monetary policy review. The heavyweight stock Habib Bank contributed almost one-third to the index’s rise. Overall banking sector added 274 points to the index.
Fertiliser added 54 points, exploration and production 39 points, oil and gas marketing companies 18 points and technology 16 points.
The volume dropped by 6pc over the previous day to 207 million shares while the traded value declined by 17pc to Rs.9.11 billion. Lotte Chemical reappeared as the volume leader with 16.5m shares changing hands, followed by TRG Pakistan, Sui Southern Gas Company, Unity Foods and Nimir Resins Ltd.
The leading gainers were HBL, up 3.4pc, Bank Al Habib 4pc, United Bank 1.6pc, MCB Bank 1.5pc and Pakistan Petroleum 1.3pc, together adding 390 points, while stocks including Pakistan Oilfields, down 1.2pc, Hub Power Company 0.9pc, DG Khan Cement 1pc, Pakistan Tobacco 1.2pc and Indus Motor Company 1.7pc scrapped 32 points from the index.
Fertilisers closed positive over news flow pertaining to a new fertiliser policy on the cards. E&P was also in limelight following sharp overnight gains in global oil prices. On the flip side, cement, steel and auto remained under pressure due to expected increase in the production costs.
Published in Dawn, March 22nd, 2018
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