KARACHI: Stocks managed to forge ahead for the third successive day with the KSE-100 index extending the gains by 448.02 points (1.18 per cent) to close the last session of week at 38,430.27.

Trading remained choppy and the index took investors on a roller coaster ride. It opened in the red and after moving sideways, plunged by intraday low of 222 points as participants decided to take profit, reluctant to carry positions over the weekend.

On the news front, further decline in forex reserves by$218.9 million to settle at $8.1 billion dampened investor enthusiasm and so was Moody’s call regarding Pakistan’s gross external financing needs for FY19 at a whopping $30bn.

But in the second half, institutions and mutual funds, in an anxiety to not be left behind, picked up value stocks in a highly oversold market, which propelled the index to an intraday high by 485 points.

The rally was led by second-tier stocks in the first half while blue-chip scrips like DG Khan Cement, Lucky Cement, Meezan Bank Ltd, International Steels along with other cement, banking and steel scrips carried the index to close just short of the day’s highest level of 38,468.84 points.

The volume increased 3pc to 231m shares whereas traded value dipped 1.6pc to Rs7.60bn. Chemical sector was among the major gainers with Lotte Chemical, Engro Polymer and Chemical and Nimir Resins Ltd closing at their upper circuit.

According to Arif Habib Ltd, other contributors included banks, increasing by 134 points, cement 111 points, oil and gas marketing companies 82 points, autos 44 points and power 25 points.

Scrip-wise major gainers were Lucky Cement, up 3.63pc, Pakistan State Oil 3.50pc, Sui Northern Gas Pipelines 4.94pc, Bank Al Habib 1.91pc and Pakistan International Bulk Terminal 10.10pc, adding 138 points. On the flip side, Pakistan Petroleum, down 2.37pc, Engro Corporation 1.24pc and Oil and Gas Development Company 0.96pc took away 94 points.

Published in Dawn, October 20th, 2018