591-point rally tosses index above 31,000 level

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KARACHI: The stock market maintained the bullish momentum for the third session in a row as the KSE-100 index recorded gains of 591.78 points (1.91 per cent) on Thursday to settle at 31,546.61.

The cumulative gains in the three sessions stood at 1,332 points or 4.4pc, giving some hope to beleaguered investors in equities.

Also Read: Stocks gain 487 points on foreign buying

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The index touched intraday high of 892 points. Traders said that the major reason for a positive turn in the market trend could be attributed to expectations from status quo to a rate cut in the upcoming Monetary Policy Statement scheduled for Sept 16; a positive outlook on the favourable FATF review following recent deliberations in Bangkok and reassurance from the government regarding its reform agenda being on track for meeting IMF targets on performance for 1QFY20.

Rumours were doing the rounds suggesting that pension funds would have to invest through mutual funds which resulted in higher demand of equities. On the news front, Prime Minister Imran Khan would visit Saudi Arabia en route to New York on Sept 19, aimed at reminding the Saudi crown prince on his pledges of financial support made during his visit to Pakistan.

E&P stocks saw reversal in prices by end of session. Cement sector came off well after heavy beating in previous sessions and led the gainers. Lucky, Cherat, D.G. Khan and Pioneer closed at or near the upper lock.

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The trading volume expanded by significant 84pc over the previous day to 185.8m shares, while the traded value also surged 64pc to $51.9m, representing the highest so far this fiscal year.

Among scrips, the three top positive contributors were BAHL, Lucky Cement and FFC which cumulatively added 146.73 points to the index. Other leading gainers were Engro Corporation (2.3pc), Engro Fertiliser (2.12pc), DG Khan Cement (4.86pc), MCB Bank (2.24pc), UBL Bank (2.43pc), HBL (1.28pc), Bank Alfalah (2.15pc), Meezan Bank (2.3oc), Hubco (1.71pc), SNGP (5pc), Kot Addu (4.98pc) and KE (4.91pc).

Published in Dawn, September 13th, 2019

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