PSX maintains joyride

Another bullish session Thursday pushed the benchmark KSE-100 index up by 242.03 points to a new high of 47,666.66 points. Trading activity also improved as the volumes on the ready counter increased to 390.854 million shares as compared to 273.091 million shares traded Wednesday. The market capitalization increased by Rs 53 billion to Rs 9.569 trillion. Out of the total 427 active scrips, 282 closed in positive, 130 in negative while the value of 15 stocks remained unchanged.
Dost Steels was the volume leader with 40.103 million shares. It gained Rs 0.99 to close at Rs 11.52 followed by Bank of Punjab that increased by Rs 0.84 to close at Rs 18.40 with 35.027 million shares. K-Electric inched up by Rs 0.05 to close at Rs 9.30 with 28.457 million shares.
Unilever Foods and Sanofi-Aventis were the top gainers with Rs 282.00 and Rs 129.54, respectively to close at Rs 5,932.00 and Rs 2,720.41. Bata Pak and Nestle Pakistan were the top losers with Rs 230.00 and Rs 145.71, respectively to close at Rs 4,470.00 and Rs 9,000.00. Zeeshan Afzal at Insight Securities said that PSX continued with its joyride, as expectations of inflows from various quarters helped the momentum. Cement sector remained in spotlight in anticipations of higher dispatches number for the month of December, utilisation levels inching moving north of 90 percent. "Future counter was overall 25 percent of the traded value, a number that has been gradually declining as we move towards the end of rollover week," he added.
An analyst at Global Securities said that the local bourse witnessed another overwhelming session as index remained buoyant throughout the day closing with a positive change of 242 points. KSE-100 index opened on an optimistic note with a positive change of more than 203 points as investor interest rejuvenated after benchmark index breakout from its last highest closing of 47,210 points. Trading volumes for the benchmark index also surged by 40 percent owing to increased investors' confidence. Major support towards the index came from FCCL (+5 percent) contributing 32 points likely due to investors' expectation of recommencement of company's closed plant sooner than earlier expected. Moreover cement sector remained in limelight with highest turnover of 63 million shares likely in anticipation of better off-take for the month of December.