KARACHI -  Fueled by banks and fertilizer sector, bull-run continued at Pakistan Stock Exchange (PSX) on weekend and the benchmark KSE 100-index gained another 615.18 points and closed at 42,523.99 points.

Banks may have been a no-brainer considering activity since last week of December and the interest-rate-uptick-story, but the spike in fertilizer is backed by expectation of increase in fertilizer off-take. The rally in fertilizer, which developed in past few sessions, is likely to continue in the coming week, said report of AHL brokerage. On the news front, Minister of State for Finance visited PSX where he met members of the Board of Directors of PSX and assured full support from his side to address directors’ issues, stated dealer at JS Global.

Banking sector extended its previous day gains where big banks boosted the index by 143 points. UBL (up 2.90%), HBL (2.24%) and BAHL (2.70%) were the major movers of the aforementioned sector.

Scrips that contributed positively included HBL that added 62 points, UBL 60 points, LUCK 44 points, FFC 43 points, and DAWH that contributed 29 points to the index gain.  Stocks that contributed negatively included PPL that shed 12 points, POL 10 points, MTL 5 points, KEL 5 points and TRG that took away 5 points from the index.

Investors’ interest was also witnessed in the cement sector on the back of growth in cement dispatches for the month of Dec-2017 that depicted 5% YoY growth. MLCF (up 4.83%), LUCK (2.94%), PIOC (1.84%) and FCCL (3.47%) closed in the green zone. News regarding fertilizer export shifted investors’ focus to the fertilizer sector on declining concerns over Urea closing inventory, where EFERT (up 1.37%) and FFC (3.64%) closed positively. E&P sector closed negatively as crude oil prices fell, dropping away from highs last seen in 2015, where PPL (down 0.56%) and POL (0.71%) decreased the most.

Volumes increased to 260m shares as compared to 222.3m shares Thursday, showing an increase of 17% DoD. Average traded value also increased by 11% DoD to reach $85.8m as compared to $77.4m. Market participants said local political situation and US policy could play negatively, however strong fundamental news in different sectors should not be ignored.