LAHORE: The New Year seems to have brought some good luck for the investors at the Pakistan Stock Exchange (PSX) as it continues to inch up further. Thursday’s rally stretched beyond technical barriers and tested psychological resistance at 42,000 to close on a buoyant note for the 11th consecutive session. Meanwhile, foreign investors remained net buyers for the fifth consecutive session.
The KSE 100 index accumulated 451.39 points to get mark intraday just shy of 42,000 points at 41,995.66. The index settled up 364.44 points at 41,908.71. The KMI 30 index appreciated 557.92 points to reach 71,225.97 while the KSE All Share Index added 241.07 points to its account. The advancers to decliners ratio stood at 196 to 140.
The market volumes were recorded at 222.33 million. K-Electric Limited (KEL +3.27 per cent) was leader in terms of volume by miles. The script had 34.06 million shares exchanged during the session. Pakistan Telecommunication Company Limited (PTC +4.73 per cent) followed with 11.35 million shares put on the table. Engro Polymer and Chemicals Limited (EPCL +3.36 per cent) ranked third with volume of 10.16 million.
The cumulative market capitalisation of technology and communication sector appreciated 3.33 per cent with Telecard Limited (TELE) higher by 4.46 per cent), Pakistan Telecommunication Company Limited (PTC) extend by 4.41 per cent and Worldcall Telecom expand by 4.24 per cent.
The Pharmaceutical Sector topped by its market capitalisation by 3.13 per cent. IBL HealthCare Limited (IBLHL +4.61 per cent), The Searle Company Limited (SEARL +5.00 per cent), Wyeth Pakistan Limited (WYETH +5.00 per cent) and Sanofi-Aventis Pharmaceutical Pakistan Limited (SAPL +5.00 per cent) were all seen trading at their upper circuit breakers.
Unilever Foods XD (+3.88 per cent), Nestle Pakistan XD (+2.42 per cent), Wyeth Pak Ltd (+5.00 per cent), Sanofi-Aventis (+5.00 per cent), Indus Motor Co (+1.07 per cent), The Searle Co (+5.00 per cent), Lucky Cement (+2.82 per cent), Siemens Pak (+1.59 per cent) and Sitara Chemical (+4.07 per cent) were top gainers for Thursday’s sessions, meanwhile Colgate Palmolive (-4.68 per cent), Shield Corp (-5.00 per cent), Agriautos Ind XD (-3.88 per cent), Otsuka Pak (-3.28 per cent), ICI Pakistan (-1.19 per cent), Faisal Spinning (-3.58 per cent), Atlas Honda Ltd (-1.55 per cent), Atlas Battery (-1.52 per cent) and Blessed Tex. (- 2.73 per cent) lagged behind.
Technically speaking, the KSE 100 index extended its run-up for the 11th consecutive session (cumulative gain 3,989 points or 10.52 per cent) and moved past resistance at 20 Month EMA (41,847). While 20 week EMA provides immediate support (41,473), market bulls seem eager to test next resistance at 42,780 (200EMA) and then at 43,000.
