KARACHI: As the fears over the Trump Triumph and its immediate impact subsided, global stock markets rebounded. The relief rally at the PSX on Thursday was outstanding with the KSE-100 index posting gains of 500.34 points (1.19 per cent) to close at new all-time high 42,703.99.
Volumes for the day increased by 1.4pc to 560 million shares from 553m the previous day while trading value decreased by 5pc to Rs20 billion from Rs21.0bn.
Regarding major contributions to the KSE-100 index gains on Thursday, UBL jumped 3.69pc, HBL 2.12pc, POL 3.37pc, MLCF 5pc and LUCK 1.76pc), together added 228 points to the index.
Dealers at Topline Securities observed that renewed interest was seen in cement stocks with Maple Leaf and DG Khan up by 5pc and 1.9pc, respectively. Banks also performed with Faysal Bank, United Bank and Habib Metro, rising by 5pc, 3.7pc and 3.6pc respectively.
According to analysts at Intermarket Securities, from sector perspective, the technical breakout in Thursday’s session led to robust gains in banks, cements, E&P, steel and pharmaceutical along with investor interest in select names in autos, refineries and OMCs on the back of multiple re-rating for the KSE-100 index underpinned by the much anticipated MSCI upgrade.
E&P sector staged a comeback with OGDC rose 0.55pc, POL 3.73pc and PPL 1.22pc. Steel witnessed a robust session with INIL up 5pc and ISL 5pc closing on their upper circuits and other steel stocks also closing higher.
Analyst Ahsan Mehanti at Arif Habib Corp stated that the PSX closed on new highs led by stocks across the board after global equities surged higher amid Trump election victory.