KARACHI: Stocks extended the rally on Friday with the KSE-100 index gaining 374.03 points (1.12 per cent) to close at 33,843.18.
Analysts at Global Securities stated that bullish trend continued at the bourse as positive sentiments sustained throughout the day, primarily owing to rally in regional equity markets.
Healthy volumes were once again witnessed in the oil sector, particularly in OGDCL, PPL, POL and PSO, as global crude prices continued to increase.
Volumes increased to 219 million shares of Rs13.9 billion from 179m shares of Rs9.8bn value the earlier day.
Foreigners continued to trim their positions with sale of $4.57m worth stocks.
Analysts at JS Global observed that following the encouraging response in Amreli Steels book building process a day ago, MUGHAL steel hit the upper-circuit on Friday due to re-rating of steel sector price-to-earnings multiple.
Cement sector remained strong due to optimistic expectations in upcoming quarterly results; MLCF, FCCL and DGKC closed up 3.06pc, 2.66pc and 0.23pc.
The KSE-100 index rebounded by 2.6pc over the week.
“Oil companies headed for one of the best weekly performance as investors gained confidence after global crude surge,” dealers at Topline Securities said.
Arab Light and WTI crude was up 12pc and 9pc week-on-week. Resultantly, oil and gas sector rose 8pc week-on-week. Foreigners were net sellers of $20m worth stocks, taking the total year-to-date portfolio outflow to $195.8m.
The market was also strong as it tracked the recovery in Asian bourses. Average daily volume during the week fell by 2pc to 175m shares, while value increased by 20pc to Rs9.6bn.
Oil and gas; construction and material; and commercial banks were major gainers during the week, increasing by 8pc, 4pc and 2pc.