KARACHI: The benchmark KSE-100 index was up by 322.79 points or almost one per cent on Thursday as investors continued the buying spree for third day in a row. The index closed at 33,762.48.

The market remained on the positive side as the news flow over aggressive stance by the opposition in the lead of JUI (F) seemed to have toned down with protesters stepping back from the intended sit-in or lockdown of capital. On the other hand, the government also adopted a reconciliatory approach, permitting the march within the ambit of law.

Although the precarious health of incarcerated former PM Nawaz Sharif raised some concerns on the possibility of public unrest, the postponement of azadi march to Oct 31 was likely to keep the market under pressure in the short run.

The tension over Pak-India border, the question mark over the government’s ability to implement Financil Action Task Force’s recommendations by February 2020, ongoing roll-over week for futures contract and upcoming earnings releases from cyclicals, kept investors cautious.

Analysts said the investors seemingly had firm view on decline in interest rates, expected to be announced in November by State Bank, and the same was evident from yesterday’s T-bill auction that saw further inversion of yield curve in short tenor instruments

The volume increased 4pc to 121.2 million shares, from 116.9m while traded value jumped 11pc to $25.5m, from $23m. Second-tier stocks were the leaders. Foreigners bought stocks worth $1.07m while individuals reduced their holdings by $1.27m.

Leading gaining sectors were exploration and production, higher by 115 points and banks 78 points. Scrip-wise major upside was seen in Oil and Gas Development Company, increasing by 2.27pc, Pakistan Oilfields 3pc, Pakistan Petroleum 1.63pc, Pakistan State Oil 2.68pc, Mari Petroleum 2.46pc, MCB 1.28pc, Habib Bank 0.84pc, Engro Corporation 1.17pc, Dawood Hercules 1.23pc and Fauji Fertiliser 0.71pc.

Published in Dawn, October 25th, 2019