KARACHI: Bulls were back with a vengeance on Thursday where the KSE-100 index staged a breakout amid burst of activity. The index surged 825 points (2.02 per cent) to close at 41,558 points.

After spiking 881 points in the first half, the index lost its mojo and started retreating as the court proceeding pertaining to indictment of Nawaz Sharif, his daughter and son-in-law continued amid mixed news flow. However, bulls resurfaced in the final hours and took the index beyond all supply zones despite the much anticipated indictment, analysts at Inter­market Securities said.

Others said that investors were enthused by the reports of a possible week-end meeting with the top officials of the finance ministry where the brokers’ proposals to the bail out the market including the setting up of Rs20bn market support fund would be discussed. The major buying was through the “brokers proprietary trading’ amounting to $4.05m. Many wondered if the fraternity knew something, which others did not. The net buying by brokers helped to absorb much of net foreign selling of $4.35m worth stocks.

The volume increased by 68pc over the previous day to a two-month high at 232m shares while the traded value soared 86pc to Rs11.5bn.

Major contribution to upside came from Engro Corp, which went up 4.55pc, Lucky Cement 4.36pc, PPL 2.68pc, HBL 1.5pc and PSO 3.77pc, adding 266 points.

On the flip side, MCB Bank fell 1.29pc, POL 1.49pc and PAKT 5pc, taking away 62 points. Among sectors, materials, health care and energy outperformed the benchmark index.

Analyst Ahsan Mehanti said stocks closed bullish led by scrips across the board as investors expect strong financial results in oil and cement sectors in the quarter-end earning season.

Published in Dawn, October 20th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...