KARACHI: The stock market continued its northward journey on Friday as the KSE-100 index rallied 582 points (1.50 per cent) and closed above the 39,000-level at 39,288.

Capitalisation surged by Rs109 billion while the bulls have already tossed the index up by 37pc from its intraday low posted on August 19.

The market opened positive and headed for the intraday high of 746 points as investor sentiments received a boost from the resolution of the COAS tenure extension case. The general feeling was that the court order sanctioning continuation of the service of the army chief would help push forward the ongoing stabilisation measures that would pull the country out of economic malaise.

Investors hurried to accumulate shares that they could lay their hands on across the board. Foreigners’ comeback with net buying of $1.43 million firmed up prices of blue chips. Among local participants, only banks were the major profit-takers who offloaded stocks of $6.73m, but that was absorbed partly by the mutual funds and rest by individuals.

Brisk buying activity noted in banks while explpration and production sector remained positive, and even better performance was seen in refinery and oil marketing companies.

Sector-wise gains were led by banks at 277 points, power 45, cement 31, autos 26 and insurance 25. The volume increased 23pc to 428.9m shares from 348.5m a day ago while traded value also rose by 18pc to reach $92.6m, from $78.2m. Stocks that contributed significantly included Bank of Punjab, Pak Elektron, K-Electric, BankIslami and Pakistan International Bulk Terminal, which formed 26pc of total turnover.

Major contribution to the upside was attributable to Habib Bank, higher by 4.24pc, United 4.47pc, Bank Al Habib 1.46pc, Alfalah 2.40pc, Habib Metro 4.08pc, Meezan 2.20pc, Bank of Punjab 3.84pc, Pakistan Oilfields 1.36pc, Pakistan Petroleum 0.84pc, Attock Petroleum 4.90pc, Millat Tractors 4.06pc and Pakistan International Bulk Terminal 4.69pc.

Published in Dawn, November 30th, 2019