KARACHI: The stock market stayed bullish on Monday as investors became optimistic on the back of the highest-ever textile exports in the first half of 2021-22, according to Arif Habib Ltd.

Although the market opened under pressure because of the rising number of Covid-19 cases, traders took aggressive bets on technology stocks. A rally in the banking sector took place on the expectation of foreign inflows while cement shares stayed in the green zone after a decline in international coal prices.

As a result, the benchmark index gained 541.98 points or 1.20 per cent to close at 45,887.63 points.

Market participation increased 47.3pc to 357 million shares while the value of traded shares went up 49.6pc to $67.2m.

Sectors contributing the highest number of points to the benchmark index included commercial banking (205.37 points), power generation and distribution (70.39 points), cement (64.41 points), miscellaneous (56.22 points) and technology and communication (49.11 points).

Stocks that contributed significantly to the traded volume included Unity Foods Ltd (33.21m shares), WorldCall Telecom Ltd (30.07m shares), TRG Pakistan Ltd (25.78m shares), Hum Network Ltd (25.76m shares) and TeleCard Ltd (20.74m shares).

Shares contributing positively to the index included The Hub Power Company Ltd (68.29 points), Pakistan Services Ltd (57.31 points), MCB Bank Ltd (45.88 points), TRG Pakistan Ltd (38.26 points) and Habib Bank Ltd (37.10 points).

Stocks that took away the maximum number of points from the index included Engro fertilisers Ltd (35.34 points), Pakistan Oilfields Ltd (13.67 points), Mari Petroleum Company Ltd (10.90 points), Engro Corporation Ltd (10.59 points) and Dawood Hercules Corporation Ltd (8.24 points).

Stocks recording the biggest increases in percentage terms included Faysal Bank Ltd, which went up 7.5pc, followed by Pakistan Services Ltd (7.48pc), Colgate-Palmolive Pakistan Ltd (7.36pc), Attock Refinery Ltd (5.07pc) and Frieslandcampina Engro Pakistan Ltd (4.79pc).

Foreign investors were net buyers as they purchased securities worth $0.942m.

Published in Dawn, January 11th, 2022