KARACHI: The Pakistan Stock Exchange continued upward journey till midday and added 498 points to reach 39213 level on Friday
Earlier, the stocks crossed the psychological barrier of 39,000 after gaining huge 323 points to reach 39039 level in early trading.
Yesterday, the bulls dominated trading session on the back of strong participation from local investors, where the PSX benchmark index jumped to 38716 points by rallying 508 points or (1.3%).
Amongst the top gainers of the day were DGKC (up 2.36%), ISL (up 5%), ENGRO (gain 3.63%), and PSO (up 3.04%). In addition, the banking sector was also in the limelight on account of expectations about increase in interest rate in the near future.
Refineries also performed well on the back of news of plans to export Furnace Oil, where ATRL (up 3.0%) and NRL (rose 3.02%) closed in the green.
Steel sparkled as acceleration in world steel production eased (up 3.7% y/y in Nov’17) with Chinese output falling 8.5% m/m to a 9m low of 66mn tons, as the world’s largest player aims to cut excess capacity & curb emissions. Top 10 Index point contributors were UBL (up 3.6%), ENGRO (rose 3.6%), HBL (gain 1.5%), DAWH (up 3.6%), SNGP (up 5%), PSO (up 3%), ISL (rose 5%), LUCK (up 1.1%), MCB (up 0.8%) & NBP (gain 3.2%); adding 285 points to the index.
On the sector front; banks added 164 points, Ferts 93 points, OMCs 67 points, Cement 58 points, Engineering surged 38 points with all four stocks ISL, INIL, ASTL & CSAP hitting their upper limit; whereas Food shed 14 points. Participation improved; volumes rose 39% d/d while value was up 40%.
