KARACHI - Stock market achieved new record close on Monday as the 100-share index gained 354 points to close at new all-time high of 46,939 points.

PSMC continued its positive momentum as it gained to close on its upper circuit. This gain was on the back of automobile assembler’s commitment that it is willing to invest around $460m for its second plant, in response to which government gave an indication that it might amend the Auto Policy 2016-21 giving similar incentives to existing players on green field investments, dealers said.

E&P sector extended its gain as crude oil prices gained to trade above $52 level on the back of support from delay in production increase from Libya and recent OPEC decision to cut production level. POL (up 2.91%) and PPL (2.12%) were top performers of the aforementioned sector. HUBC (up 1.26%) gained for the second consecutive trading session to close in the green zone on the back of extension in the financial closing and Implementation Agreement (IA) for its 660x2MW imported coal based power plant, observed analyst Nabeel Haroon.

Overall, volumes decreased by 0.6% to 344m shares, while value remained flat at Rs19.5b/$185m.

BOP was volume leader with 30m shares traded, where it gained to close up 4.76. Global oil prices rose which led the local oil stocks like POL and PPL to gain between 1.9%-3%. Last week’s news of Pak Suzuki Motor saying that the company was ready to invest $460 million in Pakistan to set up a second plant led the stock price to gain by 5%. HCAR closed at its upper limit of 5% as it announced launch of its new Honda Accord, said dealers at Topline brokerage.

Sheikh Nahyan visits PSX

Sheikh Nahyan bin Mubarak Al Nahyan, head of UAE’s Ministry of Culture, Youth, and Social Development, on Monday visited Pakistan Stock Exchange (PSX), where a gong ceremony was held. President & CEO of Bank Alfalah Atif Bajwa along with the Bank’s senior management, chairman, Pakistan Stock Exchange, Muneer Kamal and managing director Pakistan Stock Exchange, Nadeem Naqvi were also present at the event.

Sheikh Nahyan is a trusted friend of Pakistan and has always extended strong support to the country. Moreover, UAE is a key investor in various sectors of Pakistan, including the banking sector. Sharing his thoughts, Sheikh Nahyan, said: “Pakistan is like second home to me just as the UAE is home to thousands of Pakistanis pursuing careers in different fields. We will continue to explore ways of strengthening our mutual cooperation.

Chairman Pakistan Stock Exchange Muneer Kamal said “It is indeed an honour to host Sheikh Nahyan at Pakistan Stock Exchange. I want to express my heartfelt gratitude to the UAE for all the support and investment that goes long way in shaping Pakistan’s economy.”

I am glad that the UAE believes in Pakistan’s economic potential and hope that we will be able to chart out newer avenues of mutual cooperation and joint ventures during His Highness’s Pakistan visit to strengthen our economic and people to people connections.”

Managing Director Pakistan Stock Exchange Nadeem Naqvi, said, “It is a privilege to host Sheikh Nahyan, a long-time friend and well-wisher of Pakistan, here at Pakistan Stock Exchange, which has the distinction of being the best performing market in the Asia with KSE 100-index, showing over 40% gain since January 2016 to date. The country is quickly reclaiming its share of foreign investments and reclassification of our market in MSCI’s emerging market index is a manifestation of global investor confidence in Pakistan. The UAE holds a very special and dear place in all Pakistanis hearts as a friend and ally.