KARACHI: The bulls dominated the session on Monday pushing the index up by 273.3 points (0.6 per cent) to close at 39,543 after touching an intraday high of 500 points.
The positive sentiment came amid anticipation of capital-market friendly measures to be announced in the mini-budget on Wednesday and expectations of financial support from gulf countries. Exploration and production (E&P) stocks were in the limelight gaining from the higher international crude oil prices; banking also contributed significantly with both sectors cumulatively adding 242 points.
According to figures released by the National Clearing Company of Pakistan, foreigners were net sellers offloading $0.64 million shares. On the other hand, helping local investors close the session in net positive, mutual funds and brokers increased their positions by $1.64m and $2.02m, respectively whereas banks and individuals emerged as net sellers by $1.62m.
The volume dipped by 20pc to 124m shares, from 155m whereas average value traded jumped by 17pc to $27m. Stocks that contributed significantly include K-Electric, Fauji Fertiliser, Bank of Punjab, TRG Pakistan and Pace Pakistan, accounting for around 34pc of the total turnover.
Sector-wise, E&P, banking, autos, fertiliser and power sectors contributed 316 points to the index, whereas cement sector was the major dampener scrapping 45 points as investors anticipate government to raise federal excise duty on cement in the coming budget. Refineries also lost 15 points after Attock Refinery and National Refinery announced financial results.
Major contribution to the index upside came from Habib Bank, up 3pc, United Bank 2pc, Oil and Gas Development Company 1.8pc, Pakistan Petroleum 2.7pc and Fauji Fertiliser 1.7pc. On the flip side, major laggards included Engro Corporation, down 0.2pc, DG Khan Cement 3.2pc, National Refinery 5.0pc and Jubilee Life Insurance 4.8pc.
Published in Dawn, January 22nd, 2019