KARACHI: The stock market closed the last trading day of 2017 on a positive note.

Rising on the seventh consecutive day, the KSE-100 index added 100.17 points (0.25 per cent) on Friday to settle at 40,471.48.

It extended the gains of a four-session week to 1,000 points (2.52pc), reducing the full-year loss to 7,335 points (15pc).

In terms of returns since 2008, 2017 turned out to be the ugliest year. The market crashed by 58pc in 2008.

A flurry of activity was witnessed on the last trading day of the week, with foreign and local participants adjusting their portfolios. Banks sold stocks worth $6.82 million. Banks often resort to window dressing before the end of their financial year on Dec 31.

While mutual funds and companies took fresh positions ahead of new-year buying, insurance companies decided to book profit. Foreign investors also cherry-picked attractively priced blue-chip shares valued at $8.66m.

The index traded between the intraday high and low of 272 and 97 points.

The volume was 240m shares, unchanged from the previous day. Second-tier stocks were investors’ favourites. The value edged slightly higher to Rs9.36 billion.

Investors put their worries about the political situation on the back burner. Market watchers said that Friday saw the extension of the momentum generated on the formation of a new economic team, which aims to turn around the economy through tough measures.

Scrips that contributed positively to the index rise included Pakistan Petroleum, up 53 points, Pakistan Tobacco 26 points, Fauji Fertiliser 26 points, United Bank 25 points and MCB Bank 19 points.

Stocks that contributed negatively included Habib Bank, down 40 points, Pakistan State Oil 22 points, TRG Pakistan 15 points, Fauji Cement 13 points and Pak Elektron 13 points.

Sector-wise, cement and banking stocks were on the negative side whereas oil and gas and exploration and production shares were driven up by high crude oil prices.

Published in Dawn, December 30th, 2017