Bulls charged at the
Moreover, a jump in the country's foreign exchange reserves due to materialisation of inflows from international financial institutions in the country kept investor sentiments upbeat, which also reflected in improving participation.
Additionally, reduction in mark-up by the central bank on Long Term Financing Facility (from 6% to 5%) and Temporary Economic Refinance Facility (from 7% to 5%) also lent support to the index. Participants cheered positive data regarding cement and OMCs' sales and improvement in trade deficit in the previous fiscal year.
Recovery in global stock markets that rallied to four-week highs coupled with the rise in international oil prices also supported the rally. Investors took cue from both the factors and cherry-picked stocks throughout the session on Monday.
Although the index maintained its positive streak in the following session, trading remained range-bound. Positive news flows from construction sector acted as a catalyst for the index, which was reflected in the higher volumes during the session
The momentum continued and the index stormed past the 35,500-mark as the central bank's relief measures triggered the rally. An extension in the repayment period for principal loans till
Expectations of reduction in the key interest rate in the
The index posted handsome gains in the following two sessions as the overall mood remained optimistic. Despite gold prices hitting an all-time high in
Buying interest in oil stocks was seen on the back of uptrend in international crude prices as the sector attracted substantial investment. Announcement of a government housing scheme also generated buying activity in the cement sector.
'The week witnessed 39% week-on-week higher volumes, where one single trading session marked almost six-month high volume at 467 million shares,' according to a JS Global report.
Participation picked up as average volumes surged 39% week-on-week to settle at 349 million shares while average value traded jumped 44% to clock-in at
In terms of sectors, positive contributions came from commercial banks (495 points), cement (141 points), oil and gas exploration companies (135 points), automobile assembler (82 points) and oil and gas marketing companies (69 points). On the other hand, power generation and distribution (23 points) and fertiliser (17 points) sector stocks dragged the index lower.
Scrip-wise, positive contributions were led by HBL (141 points), PPL (70 points), UBL (65 points), NBP (46 points) and INDU (43 points).
Foreign selling continued this week clocking-in at
Among major highlights of the week were; OGDC injected development well Mela # 07 in production stream, cement makers increased price by
© Pakistan Press International, source