KARACHI: The bullish frenzy at the PSX continued on Wednesday as the KSE-100 index clocked in gains of 442.88 points (1.07 per cent) to close at a new all-time high of 41,742.75.
Investors who were watching from the sidelines also decided to make a killing as political tensions subsided with the PTI scrapping its plans of a Islamabad ‘lockdown’.
The overall volume increased by 37.3pc to 696 million shares while trading value also rose by 26.1pc to Rs21.8bn. Foreign investors bought stocks worth $11.8m, with major inflow of $6.6m in the banking sector.
Index heavy stocks like HBL and UBL moved up by 3.54pc and 1.88pc. Foreign and local investors accumulated banking stocks as inflation for October clocked in higher than expected at 4.21pc, which was seen to mark a possible end to the government’s monetary easing stance. Steel stocks turned strong with MUGHAL, ASTL, INIL and ISL closing at their upper limit.
According to analysts at JS Global, the E&P sector remained under pressure on the back of a decline in crude oil prices for the fourth consecutive day.
POL down 1.53pc followed by PPL 0.97pc and OGDC 0.20pc. Despite slight appreciation in yen, autos continued to garner investor invest, where HCAR, INDU, GHNI and GHNL all closed at their ‘upper circuits’, while PSMC was also up 3.44pc.
Analysts at Intermarket Securities noted that the textile sector extended the gains amid hopes of an early announcement of PM’s Incentive Package of around $175bn. NML was up by 4.18pc, NCL by 1.48pc and GATM by 5pc.
Cements extended gains amid reports of improved despatches in October as local demand for most players went up 14pc year-on-year.