506-point rally tosses index to record 49,372

KARACHI: The bulls were back with a vengeance on Wednesday which saw the benchmark KSE-100 index power past the 49,000-resistance level to gain 506 points (1.04 per cent) and settle at the all-time high 49,372 points.

Investors remained positive in index-heavyweights, MCB Bank rose 3.59pc, Fauji Fertiliser 3.63pc, United Bank 2.02pc, Hub Power 2.57pc and Lucky Cement 1.97pc, which cumulatively contributed 269 points to the index.

Overall, volumes increased by 11.3pc over the earlier day to 460m shares, while value increased by 23.8pc to Rs24.9bn. Net foreign sell figure released by NCCPL stood at $28m for Wednesday.

In contrast to the previous session when fertiliser stocks due to the annulment of subsidies on all fertilisers pulled the entire market down, the sector managed to garner interest as investors realised that they may have acted in haste the previous day.

Engro was up 0.97pc, EFERT 1.36pc, FFC 3.63pc, FFBL 1.34pc and DAWH 0.44pc. Textiles on the other hand also reversed its earlier day’s performance and despite the incentive package of Rs180bn, shed values. NML was down 0.41pc, NCL 0.30pc, GATM 0.37pc and KTML 1.79pc.

Banking sector was up to close 1.3pc higher than its previous day close.

Investor interest was seen in automobiles on the back of sales numbers released by PAMA for December 2016. INDU rose 3.51pc and HCAR 1.83pc were top performers of the sector.

On the flip side, overnight decline in crude oil prices kept investor interest in oil and gas on the back burner with PPL down 2.13pc coming out as the biggest laggard for the day. Additionally, EFOODS lost 0.91pc, NATF 1.16pc and AICL 1.08pc also tried to keep the bulls in check.