Stocks extend rally, KSE-100 closes 589 points higher

KARACHI: Stocks continued to rally for the third consecutive session on Thursday, as the indices followed the upward trajectory amid improved market turnover.

On the economic front, the government has failed to meet its annual inflation target of 6pc for the fiscal year 2018-19. According to the latest data released by Pakistan Bureau of Statistics, inflation clocked in at 7.34pc for the period under review – the highest average rate in the last five years.

Meanwhile, according to Federal Board of

Revenue (FBR) Chairman Syed Shabbar Ziadi, more than 95,000 people have
registered their undeclared assets under Assets Declaration Scheme, deadline of
which ends tonight (Wednesday).

After gaining 631.33 points, the KSE-100 Index touched

its intraday high of 34,938.44. The index closed higher by 589.44 points at
34,896.55. The KMI-30 Index appreciated by 1,181.95 points or 2.15pc to close
at 56,051.05, while the KSE All Share Index gained 305.84 points, settling at
25,415.81. Out of all traded shares, 209 advanced, 85 declined while the value
of 13 remained unchanged.

The overall trading volumes at the Pakistan

Stock Exchange improved by 43pc on a daily basis and were recorded at 130.43
million. Lotte Chemical Pakistan Limited (LOTCHEM +5.59pc) topped the volume
chart with 11.69 million shares exchanging hands. TRG Pakistan Limited (TRG
+3.90pc) and Unity Foods Limited (UNITY +1.18pc) were next in line with 7.96
million shares and 7.38 million shares respectively.

The refinery sector added 3.20pc in its total

market capitalization. National Refinery Limited (NRL +4.99pc) touched its
upper-circuit breaker, while Attock Refinery Limited (ATRL +3.77pc), Byco
Petroleum Pakistan Limited (BYCO +2.72pc) and Pakistan Refinery Limited (PRL
+2.08pc) also closed positively.

The oil and gas marketing sector gained 3.06pc

in its cumulative market capitalization. Sui Northern Gas Pipeline Limited
(SNGP +4.84pc), Shell Pakistan Limited (SHEL +3.34pc) and Attock Petroleum
Limited (APL +3.54pc) all settled with decent gains.