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KARACHI: Stocks extended the rally into the third day on Friday with the KSE-100 index notching up gains of 169.88 points (0.48 per cent) and settling down for the week-end at 35,572.95.

The first session saw the market in choppy trade that tipped towards profit-taking as the index drifted down to intra-day low by 107 points.

The bulls managed to make their way into the market in the second session and the index surged to intra-day high by 256 points. Despite being the last trading day of the week which also saw a major fall in the value of the rupee against the dollar, institutions and local institutions, fearful of missing out, decided to build fresh positions in equities.

The investors were also engaged in anticipatory buying ahead of the Market Support Fund expected to start its buying next week.

Foreign investors sold equity worth $6.53 million which was absorbed by local participants.

The cements were the favourites for third day with major stocks D G Khan Cement (DGKC), Maple Leaf Cement (MLCF), Kohat Cement, Fauji Cement (FCCL) and Cherat Cement, all hitting their upper circuits. Lucky Cement also gained 3.8pc.

In the exploration and production sector, all three major scrips, Pakistan Petroleum Ltd, Pakistan Oilfields Ltd (OGDC) and Oil and Gas Development Company Ltd closed in the green.

Mixed sentiments were witnessed in the financials where Habib Bank Ltd, United Bank Ltd (UBL) and MCB Bank closed with losses while Bank Al-Habib managed to close higher than the previous day.

Traded volume was up 9pc over the previous day to 168m shares while the traded value rose by 31pc to $48m as value investors cherry picked blue chips.

Volume leaders were MLCF, TRG Pakistan, FCCL and OGDC. The upside to the index was mainly contributed by Lucky Cement up 3.75pc, OGDC 1.26pc, Bank Al Habib Ltd 1.79pc, Nishat Mills Ltd 4.99pc, Searle Pakistan 4.93pc, FCCL 6.28pc and DGKC 4.99.

On the flip side, Engro Fertiliser was down 1.62pc, UBL 0.81pc and Pakistan State Oil 1.58pc closed in red.

Published in Dawn, June 15th, 2019