KARACHI: Stocks resumed the rally on Thursday with the KSE-100 index up by 177.12 points (0.52 per cent) to cross 34,000-level after about four months. The index had last seen that level on February 11.
The benchmark settled at 34,085.74 after another volatile session which saw the index climbing up to intra-day high of 247 points.
Traded volumes stood at 362 million shares of Rs14.2 billion value, representing an increase of 19pc and 32pc respectively over the previous session. Third-tier stocks were again the volume leaders.
After long spell of buying, foreign investors booked profit through the sale of $3.21m worth stocks.
Local mutual funds, meanwhile, carried the index forward through the purchase of $4.32m worth shares.
Cement stocks also remained active with Maple Leaf up by 3.5pc, Cherat by 2.8pc, Pioneer Cement by 1.4pc, Lafarge Pakistan by 0.9pc, Fauji Cement steady by 0.7pc and DG Khan Cement up 0.4pc.Dealers at Topline Securities stated that the institutional support in Engro Foods helped the stock to rally by 5pc. Textile companies also remained in limelight and were up 2pc from a day ago, in the hope of favourable policy announcement in the budget to be announced on Friday (today).
Analyst Ahsan Mehanti at Arif Habib Corp observed that the stocks closed bullish led by second- and third-tier stocks in cement and power sectors.
Strong economic outlook, record PSDP commitments and falling borrowing costs for leverage scrips played a catalyst role in bullish activity.
Analyst Umair Hasan at JS Global commented that the market remained strong through the day’s trade.
On the fertiliser sector FATIMA, EFERT, ENGRO and FFBL all ended up by 2.6pc, 0.7pc, 1.4pc and 1.3pc with strong volumes.