KARACHI: The northward journey of the stocks continued for the eight straight session on Friday when the KSE-100 index advanced by 76.80 points (0.26 per cent) to close at 46,637.62.

The benchmark index started out positive and made intraday high by 583 points as investors initially viewed the prime minister’s tax amnesty scheme with optimism. But the euphoria soon died down as the investors were perturbed by the negative reaction of the opposition parties to the PM move, which many feared could be challenged in the parliament.

Mainly in the second session, the investors decided to sell and book gains on their trading positions which saw the index nose dive and dip in the red by 18 points. However, some cherry-picking in the final hours helped it to a positive closing.

The traded volume improved by 6pc over the previous day to 248 million shares while the traded value increased by 14pc to Rs14.6 billion. Volume leaders were Engro Polymer and Chemicals, Sui Northern Gas Pipeline (SNGP), TRG Pakistan, Fauji Cement and Pak Elektron, accounting for a quarter of the aggregate market turnover.

Sectors that added to the index included exploration and production at 25 points, chemical 22 points and auto 13 points. Commercial Banks came under profit-taking, ero­ding 33 points from the Index while cement fell from favour with heavyweight Lu­c­ky Cement lower by 0.18pc, DG Khan Cement 0.23pc and Pioneer Cement 0.41pc.

Leading gainers were Hub Power Company, up 1.65pc, SNGP 2.93pc, Colgate-Palmolive Pakis­tan 5pc, Indus Motors 2.55pc and Mari Gas 1.80pc, together adding 85 points to the index. On the flip side, Bank Al Habib, down 1.34pc, Fauji Ferti­liser 0.84pc and Bank Alfalah 1.44pc took away 39 points.

Published in Dawn, April 7th, 2018