KARACHI - Positive momentum continued to prevail at the Pakistan Stock Exchange on Thursday as the 100-share index surged by around 231.71 points and closed at a record high of 41,974 points.
HBL and UBL contributed 145 points to the gain. Stocks gained by 3.6% and 2.1% respectively. E&P sector continued to remain under pressure on the back of downward spiraling global crude oil prices due to surging US crude stockpiles. POL (down 1.14%) was the major laggard of the aforementioned sector.
However, OGDC (0.02%) 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.
MLCF (down 1.71%), DGKC (1.10%) and FECTC (-1.69%) lost value in the cement sector. Similarly, the pharmaceutical sector remained under pressure as CCP issued show-cause notice to the Pharma Bureau, stated analyst Nabeel Haroon.
Overall, volumes decreased by 23.9% to 529m shares, while value decreased by 12% to Rs19.1b/$183m. BOP led the volumes with 61m shares traded while stock gained 4.2%. After rallying for the past few days, profit taking in auto stocks led HCAR, INDU and PSMC to decline between 0.4% 1%, dealers said. Brokers expect the positive momentum to continue, taking the index to previously un-chartered territory.
