LAHORE: The stock market ended the first week of the year with 5 per cent gains in the first 5 sessions. Investors at the Pakistan Stock Exchange (PSX) hailed this nothing less than a New Year miracle. Moreover, the foreign investors did not disappoint as they stayed top buyers in the first four sessions of the week, with cements and commercial banks being their top picks. Unlike in the past, statements from US officials had little to no impact on the market and with not much noise in domestic politics, market participation remained upbeat.
The benchmark KSE 100 index jumped higher by 676.25 points to reach its intraday high of 42,584.96. The week which opened at 40,471.48 after appreciation settled at 42,523.99, with 615.28 points up on Friday. The KMI 30 index surged 889.22 points to get to the level of 72,115.19. The KSE All Share Index elevated 393.62 points with 270 advancers to 85 decliners.
The market volumes elevated from 222.33 million in the last session to 260.68 million. The Bank of Punjab (BOP +8.56 per cent) led the volume ladder with 18.05 million shares traded. Worldcall Telecom Limited (WTL +1.72 per cent) and K-Electric Limited (KEL -2.00 per cent) followed with a volume of 11.94 million and 11.36 million respectively.
The cement sector inched up by 2.38 per cent with Dewan Cement Limited (DCL +5.27 per cent) at upper lock and Fecto Cement Limited (FECTC +4.91 per cent) close to it.
The commercial bank sector topped up its market capitalisation by 1.66 per cent. United Bank Limited (UBL) was up 3.44 per cent and Habib Bank Limited (HBL) gained 2.88 per cent.
Technically speaking, the KSE 100 Index closed above resistance at 20 WEMA (41,532) and 20 Month EMA (41,906). For now, the market bulls seem eager to test next resistance at 42,777 (200EMA on daily) and then at 43,000.
