KARACHI - Pakistan Stock Exchange continued its record-breaking run on Thursday. Yesterday’s 34 points (0.09%) rise in the 100-share index, which closed at 39,468.98 points, was mainly led by banks, brokers said.

Stock market index opened on a positive note and rallied to make an intra-day high of 281 points but succumbed to the selling pressure during the latter half of the trading session, as the index fell to close up by only 0.09%.

PSMC lost value to close on its lower circuit as the automobile assembler posted disappointing EPS of Rs17.44/share for its 1H2016, which was 41% YoY lower. This decline in earning can be attributed to completion of cab scheme in Jan/Feb FY16 and due to overall appreciation in JPY over the course of six months.

Selling pressure was seen in the fertilizer sector as the investors preferred to remain on the sidelines before the fertilizer dispatch numbers for the month of July. Major losers of the aforementioned sector were EFERT (down 0.73%) and FATIMA (0.74%).

OGDC (down 1.07%), PPL (1.79%) and POL (3.25%) in the E&P sector lost value to close in the red zone, as crude oil prices declined to trade below $42/bbl level (WTI), observed analyst Nabeel Haroon at JS Global.

Volumes slipped 19% to 181m shares while value decreased by 20% to Rs10.4b/$100m.

Major activity was seen in banks, continuing Wednesday’s trend. The interest in the sector was led by major stocks, namely, Habib Bank Limited (HBL), National Bank of Pakistan (NBP) and MCB Bank Limited (MCB) which rallied 0.8-2.2%. PSMC closed at its lower limit of 5% after announcing EPS of Rs5.9/share, which was below market expectations, stated dealers at Topline brokerage.