The benchmark KSE-100 index surged by 588.13 points to 43,112.12 points. Trading activity also improved as daily volumes increased to 270.611 million shares as compared to 260.949 million shares traded Friday. Foreign investors remained net buyers of equities worth $10.9 million. The market capitalization increased by Rs 96 billion to Rs 8.983 trillion. Out of total 394 active scrips, 295 closed in positive, only 78 in negative while the value of 21 stocks remained unchanged.
WorldCall Telecom was the volume leader with 35.268 million shares. It gained Re 0.21 to close at Rs 3.17 followed by Azgard Nine that increased by Re 0.91 to close at Rs 15.36 with 15.654 million shares. Philip Morris Pak and Wyeth Pak were the top gainers with Rs 150.00 and Rs 75.86, respectively to close at Rs 3,190.00 and Rs 1,593.07. Nestle Pakistan and Bata Pak were the top losers with Rs 300.00 and Rs 106.61, respectively to close at Rs 11,400.00 and Rs 2,496.66.
BR Commercial Banks Index increased by 135.94 points or 1.58 percent to close at 8,758.90 points with a turnover of 31.516 million shares.
BR Cement Index gained 19 points or 0.34 percent to close at 5,538.88 points with 20.095 million shares. BR Oil and Gas Index closed at 5,251.44 points, up 55.37 points or 1.07 with 10.669 million shares. BR Tech. & Comm. Index inched up 21.7 points or 1.97 percent to close at 1,120.92 points with 50.660 million shares. BR Power Generation and Distribution Index closed at 6,557.18 points, up 25.84 points or 0.4 percent with 18.240 million shares.
An analyst at Topline Securities said that the Pakistan market continued to post stellar run as it closed in green for the 13th consecutive day gaining 14 percent or 5,193 points. This equalizing the previous record tally of 13 straight positive sessions last seen in December 2016 when market gained 11 percent or 4,588 points. Market participants euphoric mood continued, thanks to announcement of possible tax relief measures for individuals and reduction in cost of doing business by the government. Investors bought, Fertilizer stock owing to improving sector dynamics and gas distribution companies on back of third RLNG pipeline project being finally approved. While on other hand pressure was seen in some of cements stock due to possible tightening and enforcement of environmental regulations in Punjab.
Top 5 Index point contributors were HBL (up 3.3 percent), FFC (up 5 percent), UBL (up 2.2 percent), SNGP (up 5 percent) and MTL (up 4.3 percent) that contributed 254 points to the index gain whereas decliners included NESTLE (down 2.6 percent), PPL (down 0.6 percent), FCCL (down 2.2 percent), KAPCO (1.6 percent) and BATA (down 4.1 percent) withholding 48 points. Sector-wise; Commercial Banks added 179 points and Fertilizer contributed 123 points while Food & Personal Care Products withheld 5 points.