KARACHI: Stocks maintained the rising momentum on Monday, due to rallying global oil prices and the surge in Asian markets. The KSE-100 index made handsome gains of 340.67 points (1.01 per cent) to close at 34,183.85.
Volume stood at 196 million shares of Rs9.8 billion value.
Already in a bullish frame of mind, the market received further support after political uncertainty withered away, as the ruling PML-N won in NA-122 constituency.
Foreigners reverted to picking stocks at attractive valuations after five preceding sessions of net sales, to show net purchases of $1.78m.
Individuals sold considerable stocks of $7.34m as weak holders thought it wiser to trim positions.
“Profit-taking was seen in cement stocks after news of Lucky Cement’s plant expansion in the Punjab region. Kohat Cement, DG Khan Cement, Fauji Cement, Maple Leaf Cement and Lucky Cement fell by 0.7pc to 1.6pc,” said dealers at Topline Securities.
Analyst Ahsan Mehanti at Arif Habib Corp stated that stocks closed bullish in the quarter-end earnings announcements session led by leveraged stocks on falling borrowing costs and speculations ahead of the SBP policy rates decisions next month.
Analyst Ahmed Saeed Khan at JS Global observed that positivity continued on Monday where the index made intra-day high of 410 points.
E&P sector rallied on the back of recovering crude prices that touched the $50 mark intra-day. Top performers in the sector were MARI (4.2pc), POL (3.9pc) and PPL (3.2pc).
Auto sales numbers for September 2015 clocked in better-than-expected; resultantly investor’s interest was seen in the sector. Top performer in the sector was Indus Motors (2.1pc).