KARACHI: Bulls were firmly in control of the market for the third successive day in the rollover week. After opening in the green, the index carried on its northward journey, hitting the intraday high by 411 points. The session closed with gains of 170.75 points, or 0.37 per cent, at 46,458.13.

Massive profit-taking about half an hour before the end of trading saw the index take a deep plunge that left just about 22 points in the green. But the index recovered as quickly as it had dropped, hinting that the nervous or weak holders must have jettisoned stocks, which were later picked up by shrewd investors and those with the power to hold.

Foreign investors purchased stocks worth $1.89m which were bought almost entirely by overseas Pakistanis. Companies and mutual funds were also major buyers. Individuals sold shares worth $5.13m to square their positions.

The market drew strength mainly from the technology sector where TRG with incredible gains over the past few months rose to close near its upper circuit. The stock adding 80 points to the index as the heavy current position was easily rolled over in the February contract.

The other share on the technology sector, Netsol Technologies, also rose. Refinery, cements and commercial banks were other bullish sectors.

Other factors that buoyed investor sentiments included the Textile Policy 2020-25 and the review of OMC dealers margin on petroleum products, being on the agenda of the ECC meeting was to be held later in the day, it has been rescheduled for Thursday. The release of about half a dozen corporate results with encouraging numbers also boosted sentiments and so did the higher forecast for global economic growth in 2021 by IMF.

The scrips that were major contributors to the index upsurge included TRG (80 points), Mari Petroleum (25 points), FFC (23 points), Lucky Cement (22 points), and FCCL (20 points).

the traded volume edged higher by 1pc to 610.8m shares and its value increased by 8pc to Rs 29bn. Stocks that contributed significantly to the volume include ANL, PIBTL, TRG, HASCOL and FCCL, which formed 30pc of total volumes.

Published in Dawn, January 28th, 2021