Stocks stage 229-point rally on select buying
KARACHI: Stocks extended the rally into the fourth day on Tuesday with the KSE-100 index up by 229.35 points (0.46 per cent) to close at 49,859.39 points.
The session, however, remained volatile as investors awaited a strong trigger to break the 50,000 barrier. Many market participants thought that healthy results from the index- heavyweights could provide such an incentive.
The volume increased to 397 million shares from 281m and trading value to Rs17.3 billion from Rs13.1bn the previous day.
“The banking sector emerged as the day’s top performer with United Bank alone contributing 90 points to the index rise,” said Abra Juma, analyst at Global Securities sales desk.
The cement sector remained a mixed bag on muted sales growth in January. DG Khan Cement and Fauji Fertiliser added 0.27pc and 0.42pc, respectively, whereas Cherat Cement and Kohat Cement shed 1.49pc and 0.79pc.
SNGPL and SSGCL hit their upper limits after both the gas utilities announced to build a second pipeline from the south to the north of the country.
Major contribution to upside came from United Bank up 3.95pc, Engro Corp 1.96pc, SNGPL 4.77pc, Dawood Hercules 2.11pc and Abbott Laboratories 5pc, Habib Bank 0.51pc, Packages Ltd 3.09pc, Nishat Mills 2.76pc and TRG 2.73pc.
On the flip side, OGDCL fell 0.8pc, Millat Tractors 2.37pc, Hub Power 0.52pc, International Steels 2.08pc and National Foods 2.65pc.
Engro Polymer (EPCL) announced earnings of Rs0.99 per share in 2016. The scrip witnessed trading in 18m shares on anticipation of better financial result, which was announced after trading hours.
Published in Dawn, February 8th, 2017