KARACHI: The KSE-100 index stormed past the coveted 40,000 point level for the first time ever in intra-day trade on Friday.

The index, however, conceded most of the gains during the second half of the session but still managed to close in the green by adding 46.04 points to close at an all-time high of 39,907.64 points.

The PSX rose three days in a row, registering major gains in banking and E&P stocks. The local bourse echoed other Asian equities after substantial overnight gains in crude oil prices, which jumped 4.3% to close at $43.49.

Volumes for the day stood at 278 million shares, 20pc of which was in KEL as investors traded 56m shares to build positions in preparation of a perceived takeover, despite denial from the rumoured local acquirer.

On Friday, traded value at the market rose to Rs12.1 billion against Rs13.2bn on the previous day. Foreign investors sold $1.22m worth of stocks while local participants offloaded shares valued at $7.30m on account of heavy profit taking.

Among sectors, E&P dominated the overall market sentiment as OGDC, POL and PPL led the KSE-100 Index by contributing 59 points. In addition autos, banks, steel, telecommunication, glass, pharmaceuticals and fertilisers also contributed significantly to index gains.

“In the banking sector UBL and MCB led the rally and ISL closed in the green zone as the bank declared results for FY16”, stated Nabeel Haroon of JS Global. ISL recorded earning per share (EPS) of Rs2.71 and a full year dividend to shareholders of Rs1.25 per share.

Analyst Ahsan Mehanti commented that investor speculation during the earnings season and bull run in global equities played a vital role in the positive close.

Published in Dawn, August 13th, 2016