Stocks turn bullish in late session rally

KARACHI – Stocks turned bullish on weekend in late session rally in scrips across the board after SC verdict on petition rejection in NAB references and disqualification. The benchmark KSE 100-index rallied by 422 point and closed at 38646 points.

The market reflected the excitement that investors had with the expectations from Supreme Court to disqualify or acquit Imran Khan and also the decision about Hudaibiya Mills. Delay in announcement of decision by Court and minute to minute twists and turns in index levels were carrying investor sentiments. Activity picked pace with dismissal of Court’s decision in favour of PML (N) and continued with Imran Khan’s acquittal coupled with Jahangir Tareen’s ineligibility, dealers said.

Politics undoubtedly dominated the day, and relative calm from PKR Kerb market helped market maintain positive direction. Besides all the political drama, the day was marked by significant activity from foreign funds due to FTSE rebalancing. Foreigners were seen taking active bids on fundamentally sound scrips.

Stocks that contributed significantly to the volumes included TRG, PAEL, ENGRO, KEL and JSBL, contributing a total of 48m shares, reflecting 35% share of total volumes, matching previous day’s share.

Scrips that contributed positively included ENGRO that added 61points, HBL 54 points, DAWH 37 points, DGKC 25 points and PPL that added 23 points to the index. Stocks that contributed negatively included LUCK that shed 38 points, NESTLE 30 points, MCB 15 points, JLICL 9 points and BAHL that took away 6 points from the index respectively, according to AHL Market Data.

IMF statements on Pakistan high growth path following Pak-IMF talks, higher global crude oil prices, upbeat data for car sales in Nov’17 and reports on surging fertilizer and cement sales in Dec ’17 played a catalyst role in bullish close, stated analyst Ahsan Mehanti at Arif Habib Corp.  Volumes rose to almost 140 million shares worth Rs9.1 billion from Thursday’s 93m shares worth Rs4.1b. Symbols of total 349 active companies were participated in the session of which 222 concluded in advance, 98 in decline while 29 remained unchanged.

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