KARACHI

Stocks on Monday close at new highs led by energy and banking stocks ahead of major earning announcements this week on strong earnings outlook.

The benchmark KSE-100 Index gained 93.38 points and concluded at 33418.30 points level.

Oil stocks battered after WTI crude fell below $47/barrel. Energy stocks remained in limelight on falling oil prices and banking sector on rising spreads. Govt imposition of 5pc duty on CRC imports positively impacted local steel industry. Speculations ahead of SBP Policy announcement on Jan 15 played a catalyst role in bullish activity at KSE, commented analyst Ahsan Mehanti at Arif Habib Corp.

The market continued to tread into uncharted territory though some intraday profit taking was witnessed at all time high level. International Steel led steel market after the government imposed duty on import of steel products offering protection to local players. Shezan International hit its upper daily price limit as the buying spree in FMCG companies continued.

HMB Bank led the banking sector as investor’s expect large capital gains in the books of banks holding large positions in Pakistan Investment Bonds, stated analyst Ovais Ahsan. Total volume turnover 250m share and value PKR12.53b.

Total traded companies were 393 of them 191 were advancers, 190 decliners while 12 went unchanged.

Pak Int Bulk with 26.63m shares and price per share 35.18, Jah.Sidd.Co with 14.88m shares and price per share 15.63, K-Electric with 12.06m shares and price per share 10.00, Bank of Punjab with 10.00m shares and price per share 10.63 and Pal Elektron with 7.91m shares with per share price 48.30 were the volume leader in the market.

Rafhan Maize with price per share 11500.00 (527.86), Shezan Inter with price per share 1292.569 (61.54), Unilever Foods with per share price 9200.00 (200.01) and Pak. Int. Cont with price per share 323.40 (15.40) were among the top gainer in the market.

While Nestle Pak with price per share 10700.00 (-275.01), Bata Pak with price per share 3800.00 (-150.00) and Pak Oilfield with price per share 389.96 (-9.67) were among the loser in the market.