Pakistan Stock Exchange (PSX) Thursday demonstrated a strong upward trend throughout the day. The benchmark KSE-100 index crossed 42,700 psychological level on the back of local investors and institutions' support. The index closed at the highest-ever lever of 42,703.99, with a healthy gain of 500.36 points. Trading activity also improved as the daily trading volumes increased to 560.213 million shares as compared to 552.543 million shares traded Wednesday.
The market capitalisation increased by Rs 88 billion to Rs 8.623 trillion. Out of total 431 scrips, 305 closed in positive, 119 in negative while the value of 7 stocks remained unchanged. Bank of Punjab was the volume leader with 68.409 million shares, however it lost Rs 0.24 to close at Rs 20.13 followed by PIAC (A) that increased by Rs 0.92 to close at Rs 10.44 with 51.316 million shares. WorldCall Telecom inched up by Rs 0.24 to close at Rs 2.92 with 28.472 million shares. Bata Pak and Nestle Pakistan were the top gainers with Rs 100.00 and Rs 96.00, respectively to close at Rs 4,300.00 and Rs 8,396.00. Philip Morris Pak and Bhanero Textile were the top losers with Rs 97.17 and Rs 40.75, respectively to close at Rs 1,940.02 and Rs 800.00.
An analyst at Global Securities said the PSX demonstrated a strong upward trend throughout the day, gaining 500 points or 1.19 percent and closing at 42,704 level. Top five contributors to the index turned out to be UBL, HBL, LUCK, MCB and POL, supporting the index by 227.72 points. FABL in particular surged the index by 8.09 points owing to the maturing of PIBs. From the cement sector MLCF, DGKC and KOHC turned out to be the major gainers of the index.
Nabeel Haroon at JS Global Capital said that positivity prevailed in the market as it rallied in-line with the global markets post US elections. The cement sector continued its positive momentum on the back of promising dispatch numbers released by APCMA for the month of October 2016.