Fertiliser, cement lead 371-point rally
KARACHI: As euphoria over the Saudi package of $6 billion in financial assistance simmered down a bit, investors resisted the temptation to take fresh positions across the board, which slowed down the bullish momentum. Still, the benchmark index extended Wednesday’s massive upsurge with the addition of another 360.79 points (0.92 per cent) on Thursday to close at 39,631.91.
The market started on a resounding note, stretching the intraday gains by 798 points but later day trading direction was set by the corporate results. Some weak earnings announcements spoilt the investor mood. Results of Habib Bank turned out below expectations and sent the share spiralling down to hit its lower circuit.
It was followed by results of DG Khan Cement which also posted lower than expected earnings. Surprisingly, foreign investors entered to buy stocks worth $0.349 million. Among local participants, mutual funds made heavy purchases of $11.4m, while individuals decided to take profit with sale of shares worth $8.28m.
As more investors poured into the market after the massive rally witnessed a day ago, volume increased to a 57-session high at 343m shares while traded value also jumped to a 56-session high of Rs13.3bn. Small-cap stocks dominated trading, with 29pc of total turnover.