karachi

Bullish trend continues to dominate market Friday, KSE-100 Index added 20.83 points and settled at 33786.44 points.

The market opened on a positive note but witnessed day traders booking profit during the last trading hour.

The World Bank has slashed global growth forecast to 3pc for 2015, due to ongoing weakness in Europe and Asia. A gauge of oil & gas stocks led the benchmark index higher as crude oil price recovered further. KEL up 4.15pc as it remained in the limelight due to the news of agreement for 650 MW supply to K-Electric might be renewed. BYCO spiked up 7pc due to the rumour in the market that the company getting the contract to supply fuel to a major IPP, stated analyst Arhum Ghous.

Stocks closes on a new all time high in the earning season rally led by selected oil stocks after recovery in international oil prices. Speculations continued amid reports of SBP Policy rate announcement on Jan 24 despite pressure on late session profit taking. Trade remained in second and third tier stocks on strong valuations and impacted by falling energy prices, leverage rates, stated a market analyst.

Turnover of 344.75m shares were recorded in the market. Trading value was Rs12.71b. Of the 392 traded companies in the market, 163 were closed in up, 210 down whereas 19 went unchanged.

Jah.Sidd.Co was the volume leader in the market with 37.12m shares and price per share Rs17.34, followed by K-Electric with 32.83m shares and price per share Rs10.23, Bank of Punjab with 15.98m shares and price per share Rs10.93.

Atlas Battery with per share price Rs876.75 (41.75) and National Foods with per share price Rs433.73 (20.65) were among the gainers in the market.

While Unilever Foods with per share price Rs8402.50 (-217.50) and Rafhan Maize with per share price Rs11892.50 (-107.50) were among the losers.

Market sustained its bullish momentum during the outgoing week ahead of the Monetary Policy Statement on Jan 24th. The market expects State Bank of Pakistan (SBP) to cut policy rate by 50-100bps (JS expectations: 50bps).

As a result, the benchmark KSE-100 index gained 1.4pc WoW to close at 33,786 points. Average daily volumes increased by 12pc WoW to stand at 331m shares/day, while foreigners returned as net buyers worth $17.5m. Auto sector was in limelight after release of better-than-expected auto sales number for December 2014, where the industry grew by 28pc YoY. Other key highlights during the week were: (1) growth in banking deposits by 10.8pc YoY to Rs8.4trn in 2014, (2) government hinting at agreement renewal with K-Electric (KEL) for supply of 650MW and (3) National Savings attracting Rs201b in 7MFY15 vs. target of Rs153b, observed analyst Raheel Ashraf.