Bulls dominate bourse; index recovers 508 points.
KARACHI -- Bulls dominated today's trading session on the back of strong participation from local investors, where the PSX benchmark index jumped to 38716 points by rallying 508 points or (1.3%).
Amongst the top gainers of the day were DGKC (up 2.36%), ISL (up 5%), ENGRO (gain 3.63%), and PSO (up 3.04%). In addition, the banking sector was also in the limelight on account of expectations about increase in interest rate in the near future.
Refineries also performed well on the back of news of plans to export Furnace Oil, where ATRL (up 3.0%) and NRL (rose 3.02%) closed in the green.
Steel sector showed rally today, where ISL (up 5%), ASTL (up 5%) and CSAP (up 5%) closed at their respective upper circuits, observed Danish Ladhani at JS Global. Pak Equities extended on gains seen yesterday with the recovery spawning a new set of legs as investors lined up for the Santa Claus rally. Expectations of timely elections and naming of his brother Shahbaz as next in line for the slot of premiership by ousted PM Nawaz Sharif helped the index gain (1.3%), said a dealer at Topline Securities. Steel sparkled as acceleration in world steel production eased (up 3.7% y/y in Nov'17) with Chinese output falling 8.5% m/m to a 9m low of 66mn tons, as the world's largest player aims to cut excess capacity and curb emissions. Top 10 Index point contributors were UBL (up 3.6%), ENGRO (rose 3.6%), HBL (gain 1.5%), DAWH (up 3.6%), SNGP (up 5%), PSO (up 3%), ISL (rose 5%), LUCK (up 1.1%), MCB (up 0.8%) and NBP (gain 3.2%); adding 285 points to the index.
On the sector front; banks added 164 points, Ferts 93 points, OMCs 67 points, Cement 58 points, Engineering surged 38 points with all four stocks ISL, INIL, ASTL and CSAP hitting their upper limit; whereas Food shed 14 points.
Participation improved; volumes rose 39% d/d while value was up 40%.