Stocks remained firm on yesterday with the KSE-100 index gaining 71.92 points to close at 34,538.45.
The rally was not as intense as the earlier day as the market started on a shaky ground which saw investors resort to profit-taking in the first few hours to pull the index intra-day down by 83 points.
Some investors felt that cut of 100bps in the SBP policy rate had already factored into the market the previous week. Yet some healthy corporate results went on to support the market.
Turnover in terms of volume decreased, though trading value rose. Cement sector showed the highest volume of 71m shares followed by chemicals sector 59m and banks 47m shares.
Foreign investors, who had bought sizeable stocks on Monday, trimmed their portfolio with net sale of $1.10m. Among local participants, companies recorded net sales at $7.18m and individuals also disposed of equity worth $5.65m.
Analyst Ahsan Mehanti observed that the benchmark index closed at an all-time high in the earnings season led by oil, fertilisers and cement stocks on strong valuations.
Another market watcher mentioned that the OMC and E&P sectors remained mostly upbeat with NRL hitting ‘upper circuit’; POL up 1.7pc, ATRL higher by 3.7pc, SHEL gaining 2.0pc and MARI adding 2.3pc. Hascol, PSO and POL appreciated by 3.15pc, 0.36pc and 1.72pc respectively. The cement sector also remained in green due to high level of gearing in the sector. Banking sector took the brunt of the decrease in SBP policy rate as BAFL, NBP, UBL and AKBL plunged by 0.97pc, 0.19pc, 1.36pc and 0.81pc.