Pakistan Stock Exchange (PSX) witnessed another bullish session Thursday and the benchmark KSE-100 index rose by 231.71 points to close at fresh high of 41,974.46 points.
The index crossed 42,000 psychological barrier for the first time in history to hit 42,108.06 points intra-day high, however it failed to sustain this level due to selling in some stocks in late hours.
Daily trading volumes fell slightly to 529.362 million shares as compared to 695.743 million shares traded on Wednesday. The market capitalisation surged by Rs 40 billion to Rs 8.477 trillion. Out of the total 429 scrips, 210 closed in negative, 197 in positive while the value of 22 stocks remained unchanged.
Bank of Punjab was the volume leader with 61.052 million shares gaining Rs 0.87 to close at Rs 18.48 followed by Dost Steel (R) that inched up by Rs 0.14 to close at Rs 3.85 with 51.334 million shares. Sui Southern Gas Company increased by Rs 2.12 to close at Rs 44.70 with 26.294 million shares.
Unilever Foods and Wyeth Pak were the top gainers with Rs 196.00 and Rs 171.79, respectively to close at Rs 5,870.00 and Rs 3,630.52. Sanofi-Aventis and Philip Morris Pak were the top losers with Rs 68.89 and Rs 49.21, respectively to close at Rs 1616.68 and Rs 1991.62.
An analyst at Global Securities said the market rallied for the third consecutive day, adding another 238 points to the KSE-100 index and closing at an all-time high of 41,975 points. HBL, UBL and MCB emerged as the top contributors to the index, contributing 177 points in aggregate as investors likely believe that recovering inflation signals the end of SBP's monetary easing stance.
Nabeel Haroon at JS Global Capital said E&P sector continued to remain under pressure on the back of downward spiralling global crude oil prices due to surging U.S. crude stockpiles. POL was the major laggard of the aforementioned sector. However, OGDC closed in green on the back of reaching new levels of crude oil production, in addition to new gas explorations. Furthermore, investors booked profits in the cement sector on the back of increase in the global coal prices. Similarly the pharmaceutical sector remained under pressure as CCP issues show cause notice to the Pharma Bureau.
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