KARACHI
Stocks on Friday closed bullish led by selected scrips across the board on strong corporate results in banking, cement and insurance sectors.
Market opened on a bullish note and closed at 33,775 points levels, up 1pc or up by 318 points.  The Auto sector rallied today after PSMC gains 5pc posted a healthy result of EPS Rs11.5 (114pc YoY growth) while INDU and HCAR closed positive 4.5pc and 4.3pc respectively. In the banking sector, UBL escalated by 3.6pc as the bank posted an EPS of Rs6.17 (up 37pc YoY) and announced DPS of Rs3.0 beating the market expectation of EPS Rs5.15 and DPS of Rs2.5. DGKC continued its northward journey after yesterday’s announcement of an EPS of Rs12.27, considered strong by market participants. PAEL witnessed strong volumes of trading as the company announced an EPS of Rs1.81, observed analyst Arhum Ghous. Better than expected March quarter results lifted market 0.95 pc, with better volumes 307m shares worth of Rs15.3b.  UBL rallied after March earnings announcements, which beats analyst expectations. PSMC announced impressive March earnings of Rs.11.50 which helped stock close at 5pc upper limit. This brought renewed interest in other auto assemblers as well. Oil and Gas Exploration Companies also rallied after increase in international crude oil prices. OGDC closed 2.4pc up, POL gained 1.2pc and PPL 1.3pc.
DGKC continue rallying, closed 4.28 pc up after better March quarter result announced yesterday, stated investment analyst Mohammad Rizwan. Market watchers said rising global crude prices, speculations ahead of new SBP policy rate stance amid falling PIB yields, easing political tension in the city and expected Rs575b PSDP strategy for federal budget 2015-16 played a catalyst role in bullish activity at KSE.