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KARACHI: Bulls charged relentlessly on Wednesday with the KSE-100 index recording gains of 1,010.15 points (2.89 per cent) to close at 35,959.43.

Except for the retreat of 2.10pc a day ago and flat performance on Monday, the index has continued to display meteoric rise in 10 of the 12 sessions in a row, accumulating splendid gains of 10.54pc.

The market on Wednesday started off on a positive note and the index saw addition of 150 points within minutes, not once looking back and went on to hit the intraday high by 1,044 points. Investors’ interest was sparked by the reported statement by chairman Securities and Exchange Commission of Pakistan indicating the launch of government-supported funds in the next 10 days after approval by the Economic Coordination Committee on Thursday.

Shares of eight state-owned companies - Sui Northern and Southern, Pakistan Telecom, Kot Addu, Pakistan State Oil, National Bank, Pakistan Petroleum Ltd (PPL) and Oil and Gas Development Company (OGDC) - made substantial gains and added 212 points to the index upside as investors continued anticipatory buying on expectations of the upcoming market support fund making heavy investments in these heavyweights.

Investor activity was witnessed in all key sectors such as cement, banks and exploration and production. Individuals aggressively participated in trading but the significant feature was the reversal of role by foreign investors and mutual funds.

The former decided to take profit by selling shares worth $4.65 million while the latter took fresh positions through investment of $4.02m.

Cement sector scrips again remained in demand as words spread of increase in prices by Rs20-25 per bag in the Northern region, which saw DG Khan, Lucky, Pioneer and Maple Leaf all closing at their upper circuits.

In banking, United climbed 1.5pc, Habib 1.2pc, MCB 2.5, Alfalah 2.8pc and National 4.9pc, while on E&P, OGDC was up 3.5pc, PPL 2.8pc and Pakistan Oilfields hit its upper limit.

Published in Dawn, May 30th, 2019