KARACHI: Stocks continued their winning streak on Monday as the KSE-100 index gained 227.24 points (0.70pc) to close at 32,706.22.

Ferocious bulls took charge of the market right from the start with the index taking a big leap forward by 369 points. Stocks withdrew during mid-session but still managed to close with handsome gains.

Major contribution came from the banking sector as the investors were still enthused by the SBP policy rate decision. Cumulative contribution by three major banks stood at 116 points; HBL 54 points (2.12pc), MCB 39 points (2.38pc) and UBL 22 points (1.63pc).

Banks have been at the centre of recent rally as the analysts at Intermarket Securities calculated that since January 19, the index gained 2,078 points mainly on the back of HBL (216 points), MCB (106 points); UBL (96 points); PPL (153 points) and OGDC (150 points).

Traded volume increased by 1pc to 152m shares, while value decreased by 8pc to Rs8.7bn.

Foreigners sold stocks worth $3.32m, taking the year-to-date outflow at $55.27m. Mutual funds were major buyers of shares valued at $4.92m.

Positive sentiments were witnessed in the pharmaceutical sector. SEARL rose 4.8pc, ABOT increased 1.9pc and FEROZ was up 1pc. On the flip side, OGDC fell 1.87pc, FFC decreased 0.38pc and JDWS declined by 2.88pc.

EFERT marginally declined 0.1pc but was the volume leader with 9.4m shares traded, as the company announced its year-end earnings.

Going forward, WTI prices were thought to stay volatile due to which analysts expect that the E&P counters would remain a major factor in determining the direction of the market.

Published in Dawn, February 9th, 2016