Daily Times

Stocks rallied into 4th successive session on Thursday to cross 41,000 mark amid a fresh bull run following strong market sentiments and heavy volumes induced due to the August roll over week. By the session closing, Kse-100 index surged by 219.35 points adding 0.54% to the market value to clock at 41,081.94 points.

The fresh bullish trend in the past two days has been a result of heavy buying spree led by mutual funds, which amassed over $15 million worth equities in just two days. Moreover, the market rally has also been led by individuals and companies amid strong annual and half year corporate earnings season.

The investors also tracked series of economic and financial news which attracted major rally in the Commercial Banks recording volumes worth 78.29 shares, following the expectation of high Consumer Price Index, scheduled to be announced next week coupled with monetary policy decision in September. Strong activity was also witnessed in Cement and Technology & Communication recording a volume of 74.7 million shares and 59.98mn shares respectively. Investors continue to bet upon economic data released by State Bank of Pakistan according to which country’s current account swung into a surplus in July 2020, recorded at $424 million, after posting a deficit of $100 million in June 2020. However, during the session the market also responded to the Stat Bank of Pakistan’s (SBP) report which said Pakistan’s external debt and liabilities jumped to nearly $113 billion at the end of June this year, an addition of $17.6 billion or 18.5% in the past two years.

The benchmark KSE-100 remained volatile throughout the session with Kse-100 index touching its intra high at 41,276.54 points after gaining 413.95 points. The index volumes also mushroomed to 312.3 million shares, up from 273 million shares in the previous session, while the overall market volumes also soared to 544.66 million shares, up from 535.07 million shares recorded in the previous session.

The volume chart was led The Bank of Punjab, followed by TRG Pakistan Limited and K-Electric Limited. The scrips exchanged 39.73 million shares, 36.93 million shares and 28.45 million shares respectively.

Sectors which lifted the index included technology and communication sector with 50 points, cement sector with 35 points and power generation and distribution sector with 34 points. Among the scrips, the most points added to the index were by TRG Pakistan Limited which contributed 36.74 points, followed by Hub Power Company Limited adding 29.57 points and Colgate Palmolive Limited adding 26.89 points.