KARACHI – The stocks hit a record high for the fourth day in a row on Friday, led by oil and banking stocks amid speculations ahead of State Bank of Pakistan’s policy rate announcement next month.

At local equity market, the benchmark KSE 100-share index posted a fresh gain of 46.78 points or 0.28 percent to close the day at 16573.86 points.

Market expert Ahsan Mehanti said higher local cement prices, expectation for favorable revision in minimum deposit rate for commercial banks, higher global stocks and commodities and ECC suggestions for reduction of Sales Tax, GDS for fertilizer sector played a catalyst role in bullish sentiments at KSE despite concerns for lower cement dispatches and security situation in the city.

KSE allshare-index shed 1.58 points or 0.01 percent to end the day at 11691.52 pints, KSE 30-share index gained 40.60 points or 0.30 percent to conclude the day’s trading at 13421.81 points while KMI 30-share index lost 59.56 points or 0.21 percent to close the day at 28516.64 points.

Market traded 312.258 million shares after opening at 255.983 million shares and the value of traded shares climbed to Rs 6.743 billion from Rs 6.561 billion. Bourse capitalization settled at Rs 4.152 trillion as compared to Rs 4.152 trillion of a day earlier.

During the session, out of 364 companies 150 closed in positive and 188 in negative while the values of 26 stocks remained intact. UniLever Pak was the heaviest loser of the day, down by Rs 534.71 to Rs 10159.54, followed by Nestle Pakistan Limited, decreased by Rs 245 to Rs 4655. Bata (Pak) and Wyeth Pak Limited was the top price gainers of the day, up by Rs 82 to Rs 1722 and Rs 44 to Rs 934 respectively.

Active list was topped by Fauji Cement with 89.167 million shares as it closed at Rs 6.95 after opening at Rs 6.84. JS Company was on the second position with 27.709 million shares, added Re 0.58 to Rs 17.23. It was followed by KESC with 17.508 million shares, shed Re 0.05 to Rs 6.88, National Bank Pak with 12.767 million shares, gained Rs 2.36 to Rs 49.86 and Bankislami Pakistan with 8.161 million shares, up by 0.81 to Rs 9.83.

Equity dealer Samar Iqbal said in anticipation of lower inflation for the month of November and further monetary easing kept local bourse in the bull-run. Market gained 2pc on WoW basis with average volumes showing a healthy rise of 37% to Rs 6.3 billion.