KARACHI -  Pakistan Stocks Exchange (PSX) greeted New Year with the shares index touched another height of 48,240 level by rallying 433 points or (0.91%), amid institutional interest in fertilisers, banking and oil scrips on investor speculations ahead of earning season.

Banking sector led the gains in the market despite decline in MoM CPI number, as it clocked in at 3.7 percent for the month of December 2016. HBL (rose 3.09%) and MCB (1.86%) were major index movers of the aforementioned sector. Cement sector garnered investor interest on the back of investor anticipation of increased dispatch numbers for the month of December 2016, due to be released by APCMA later this week.

BWCL (up 5%) and FCCL (1.82%) were major performers of the aforementioned sector. Investors’ interest was seen in fertiliser sector, as the sector gained to close (2.1%) higher than its previous trading session. ENGRO (higher 2.79%) and FFC (3.04%) were major performers of the aforementioned sector. KEL (up 1.60) was today’s volume leader with more than 43 million shares traded, stated analyst Nabeel Haroon.

HBL, ENGRO and UBL contributed 197 points to the gain in index, while stocks increased by 3pc, 3 percent and 2 percent respectively. Engineering stocks attracted investors as ASL, MUGHAL, DSL, CSAP closed at their upper limits. Overall, volumes decreased by 2.8 percent to 376 million shares, while value remained flat Rs18.8b/$180 million.

Trade remained high in second and third tier stocks. Rising urea prices, higher global crude prices and speculations on year end payouts in the banking sector played a catalyst in the record close, dealers said.