Daily Times

Bulls continued control in the local bourse Friday by taking the index up 756 points during the day, to close at 42,786 points level, up 697 points.

Overall volumes increased by 52 percent from previous trading session, while in value terms the same increased by 52 percent as well.

Friday’ major volume leaders were Pakistan International Airlines (PIAA) with 17 percent growth, World Call Telecom (WTL) with 9.50 percent increase and PIBTL 8.54 percent.

Major contribution to the index came from Habib Bank Limited (HBL) gaining 4.24 percent, Lucky Cement gaining 4.48 percent, United Bank Limited (UBL) gaining 2.48 percent, Hubco (HUBC) gaining 3.45 percent and Pakistan State Oil (PSO) gaining 2.76 percent cumulatively contributing +295 points to the index.

This positivity in the market can be attributed to the results of General Election 2018, where Pakistan Tehreek-e-Insaf (PTI) has retained its considerable edge over its contenders, bagging 114 of the total 270 seats on which elections were held, according to the preliminary results announced by the Election Commission of Pakistan (ECP).

Cement sector led the optimism, where many stocks closed at their respective upper circuits. DG Khan Cement gaining 5 percent, Kohat Cement (KOHC) gaining 5 percent, Maple Leaf Cement (MLCF) gaining 5 percent, Fauji Cement Company Limited (FCCL) gaining 5 percent and Lucky Cement gaining 4.48 percent were the major movers of the Active participation was witnessed in the banking sector by the local and foreign investors where Habib Bank Limited (HBL) gaining 4.24 percent, United Bank Limited UBL gaining 2.48 percent, National Bank of Pakistan (NBP) gaining 0.87 percent and MCB gaining 0.48 percent all closed in the green zone. Equity analyst Maaz Mulla expects the market to depict a similar trend, therefore recommend investors to see any upside in the market as an opportunity to sell.

Published in Daily Times, July 28^th 2018.