A bullish trend continued on Pakistan Stock Exchange (PSX) on the last trading day of the year 2016. The benchmark KSE-100 index rose by 140.31 points to close at all-time high of 47,806.97 points Friday. The index hit 47,938.65 points intra-day high, however it failed to sustain this level due to selling in select stocks at the fag end.
Daily trading volumes stood at 387.301 million shares as compared to 390.854 million shares traded Thursday. The market capitalisation increased by Rs 59 billion to Rs 9.628 trillion. Out of total 409 active scrips, 203 closed in negative, 190 in positive while the value of 16 stocks remained unchanged. Dost Steels was the volume leader with 45.714 million shares. It gained Rs 0.60 to close at Rs 12.12 followed by Bank of Punjab that lost Rs 0.75 to close at Rs 17.65 with 38.084 million shares. NIB Bank inched up by Rs 0.16 to close at Rs 1.81 with 18.505 million shares.
Rafhan Maize and Sanofi-Aventis were the top gainers with Rs 284.36 and Rs 136.02, respectively to close at Rs 8,764.36 and Rs 2,856.43. Bata Pak and Unilever Foods were the top losers with Rs 160.00 and Rs 82.00, respectively to close at Rs 4,310.00 and Rs 5,850.00.
Zeeshan Afzal at Insight Securities said that the last working day of calendar year 2016 closed in positive near to 48,000 level while substantial activity witnessed across the board. Final day for roll-over led to concentration in futures with contribution of 28 percent in total value. Institutions remained active in bluechips ahead of New Year beginning while OGRA recommendation of hike in petroleum price surged rally in OMCs.
Ahsan Mehanti at Arif Habib Corporation said that the index closed on the highest level at the year-end led by oil and banking stocks on investor speculations ahead of financial results. He said that likely revision in local POL prices and higher banking spreads played a catalyst role in new highs amid concerns for foreign outflows.
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