KARACHI

Continued institutional support catapulted Karachi Index to cross the barrier, rose above 34,000 points level for the first time ever.

The benchmark KSE-100 Index rose by 227.82 points or 0.67 percent and settled at 34014.26 points level on Monday.

PSO closed 5pc up in hope that government will release payment to PSO in the wake of recent oil crisis in the country. Engro also gained 5pc up amid institutional interest.

Ovais Ahsan at JS Global stated, the market opened the week on a bullish note crossing the 34,000 level after the PTI refrained from announcing any immediate plans to hold protests. The Oil & Gas sector led gains with OGDC up by 2.3pc rallying on the back of some strength in global crude oil prices.

Engro Corporation rose 5pc continued to defy gravity as investor’s bet on its subsidiaries registering a strong turnaround this year. Pakistan State Oil gain 4.7pc rallied on prospects of the government injecting liquidity into the cash strapped energy chain after the fuel shortage in the country slipped into dire straits. High dividend yield also drew interest of investors with KAPCO add 2.23pc and Fauji Fertilizer up by 0.8pc on the gainers list. The monetary policy at the end of the week also remains a strong trigger going ahead with expectations of a cut of over 100bps likely to push index levels higher while a smaller cut would result in some disappointment.

Stocks closes on a new all time high in the earning season rally led by selected oil, fertilizer and cement stocks amid short recovery in global crude oil prices.

Speculations continued ahead of SBP Policy rate announcement on Dec 24 despite pressure on late session profit taking. Hopes for release of funds to ailing energy sector impacted by circular debt crisis and oil shortages in the country, strong earnings outlook in fertilizer and cement sector played a catalyst role in bullish activity at KSE, commented analyst Ahsan Mehanti.

Volumes decreased by 11pc to 306m shares, however value rose by 22pc to $156m (value PKR15.6b). Total 397 traded companies in the market, 211 closed in up, 171 down while 15 went unchanged.

Jah. Sidd. Co was the volume leader in the market with 33.62m shares and price per share Rs18.30, followed by PIA with 16.95m shares and price per share Rs9.62, Byco with 15.36m shares and price per share Rs10.34 and K-Electric with 13.12m shares and price per share Rs10.29 were in the highlight.

Unilever with per share price Rs8799.00 (396.50) and Colgate Palmolive with per share price Rs2139.03 (89.03) were among top gainers in the market.

While Nestle Pak with per share price Rs10500.00 (-499.00) and Muree Brewery with per share price 1028.67 (-36.00) were among the losers.