KARACHI: Bulls defeated bears at Pakistan Stock Market on Friday’s trading session despite of tension in the political environment as market opened positive and touched a high of +622 points as institutional participation was witnessed mainly in the main board stocks. Market remained positive throughout the day and closed at 44,179 points, gaining 596 points or 1.37 percent. Overall volumes stood at 209 million shares and in value terms trades stood at $ 97 million. World Call Telecom (WTL) gaining 2.50 percent from the technological sector lead the volumes with 13 million share exchanging hands. On the news front according to State Bank of Pakistan’s (SBP) weekly report issued the country’s foreign exchange reserves maintained a declining trend, falling below $20 billion. Bullish sentiment was witnessed in the cement sector where DG Khan Cement (DGKC) gaining 3.55 percent, Fauji Cement Company Limited (FCCL) gaining 3.33 percent, Lucky Cement gaining 2.05 percent, Chitral Cement Company Limited (CHCC) gaining 3.95 percent and Maple Leaf Cement limited (MLCF) gaining 3.13 percent contributed 96 points to the index. A rally was seen in the auto sector where heavyweights Indus Motor Company (IMC) gaining 4.55 percent, Pak Suzuki Motor Company (PSMC) gaining 4.93 percent, Millat Tractors Limited (MTL) gaining 5 percent, Honda Atlas Car Limited (HCAR) gaining 4.57 percent closed higher than its previous day close. Moreover Dewan Farooque Motors Limited (DFML) gaining 4.97 percent closed to its upper circuit on the back of material information released by the company stating that Engineering Development Board has approved the brown field status for the company. The production is set to start by the end of February 2018. Crude oil prices declined in the international market after making the biggest rally since 2015. Oil Gas Development Company (OGDC) losing 1.57 percent and Pakistan Oil Fields Limited (POL) losing 0.09 percent were the major victims of the mentioned sector. JS Research’s analyst Maaz Mulla expects market to maintain its positive trend however we recommend investors to accumulate valued and growth stocks on dips. Published in Daily Times, January 20th 2018.