KARACHI: Stocks continued winning streak for the fourth successive day on Monday when the KSE-100 index gained 770.18 points (1.80 per cent) to close at 43,556.63.

In the four sessions, the benchmark index has accumulated 3,042 points (7.52pc) as the investors cheered the emergence of a strong majority political party in the elections, belying the fear of a hung parliament. Positive news on the economic front in the shape of arrangement of external account financing through several sources surfaced over the weekend.

According to figures released by the National Clearing Company Ltd, individuals were the lead buyers picking up stocks worth $9.9m, while foreigners sold shares of $2.9m. The index hit intraday high by 818 points.

The value of the rupee appreciated which made the sectors depending on import of raw materials attractive. Cement sector added 158 points as heavyweights Lucky Cement, DG Khan Cement, Maple Leaf Cement, Kohinoor Cement, Pioneer Cement and Fauji Cement, all closed at their upper circuits.

Commercial banks gained 98 points on expectations of further interest rate hike. Oil and gas exploration also performed well by adding 82 points, taking the cumulative contribution of the three sectors to 338 points. Steel sector continued its upward trajectory for second consecutive day where International Steels, Amreli Steels and Mughal Steels hit their upper limit.

Analysts at JS Global stated that the pharma sector witnessed investors’ interest on the back of news that the pharmaceutical firms had increased the maximum retail price of at least 10,000 medicines by up to 4pc.

Searle Company, Ferozson Labortaries, AGP Ltd and GlaxoSmithKline all hit their upper circuits.

Among stocks, major gainers were Habib Bank, up 3.23pc, Lucky Cement 5pc, Pakistani State Oil 3.23pc, Pakistan Petroleum 1.42pc and Mari Petroleum 4.54pc, adding 357 points while United Bank, down 0.94pc and Engro Fertiliser 1.06pc took away 29 points.

Published in Dawn, July 31st, 2018