KARACHI: The stock market on Monday extended the bullish momentum with the KSE-100 index adding another 166.21 points to close at 37,504.08.

Positive sentiments were underpinned mainly by the reports that talks with the International Monetary Fund on a three-year bailout package had proceeded smoothly and that a high-level IMF team was expected to visit and discuss the final phase of the programme.

Investors’ interest was also caught by the amnesty scheme to be launched later this week.

The cabinet was expected to formally clear the Assets Declaration and Amnesty Scheme, 2019 on Tuesday, aimed at enhancing government’s revenue.

The bulls tossed the index by intraday high of 361 points in the first few hours of trading but investors started profit booking which sent the index down by intraday 57 points before rising again to close on a strong positive note.

Commercial banks and oil and gas marketing sectors remained in limelight as they cumulatively added 86 points to the day’s gain while insurance scrapped 14 points. In cements, Lucky, went up 0.2 per cent and DG Khan 1.4pc and Fauji 4pc.

The volume dipped by 9pc to 172 million shares whereas traded value was up 15pc to $43.8m. Leaders were Pak Electron, K-Electric, Bank of Punjab 1.2pc, Fauji Cement and TRG Pakistan.

Major contribution to the index upside came from Habib Bank, increasing by 1.70pc, Sui Northern Gas 4.99pc, Nestle Pakistan 3.60pc, Fauji Cement 4pc and MCB 0.66pc, adding 91 points. On the flip side, Philip Morris Pakistan, declining by 3.33pc, K-Electric 2.49pc and Pakistan Oilfields 0.55pc, taking away 23 points.

Published in Dawn, April 16th, 2019