KARACHI: Bulls continued to charge relentlessly, marking the 12th consecutive session of gaining streak at the Pakistan stock market. It stands out as the longest bullish spell in 30 months since January 2018.

The KSE-100 index jum­ped 428.16 points (1.18 per cent) and closed at 36,618.57 with the cumulative 12-session gains now at 2,906 points or 8.58pc.

Institutional and individual investors jostled to buy right from the start of the opening bell as their interest was fuelled further by raging global markets and rising international oil prices. The benchmark hit intraday high by 531 points.

Foreigners went for profit-taking of shares valued at $6.70 million while local investors, mainly the high net-worth individuals, continued to accumulate blue chips worth $7.62m, which most strategists thought were still trading at deep discounts to their global peers as well as book values.

With an eye for the government’s penchant for the construction industry, cement and steel remained in limelight through the day. Senti­m­ents for the sector shares were boosted after the allocation of Rs30 billion subsidy to Naya Pakistan Housing Sch­e­me and prime minister’s upcoming visit to Diamar-Bhasha dam to review progress.

Gainers among cement scrips were DG Khan, Cherat, Pioneer, Maple Leaf, Fauji and Lucky. Steel also picked a similar trend where Mughal and Amreli hit their upper circuits while International Steels and International Indu­stries also closed in the green. Among banks, Mee­zan and Al Habib were the major gainers. In oil and gas marketing companies, Paki­stan State Oil and Sui Sout­hern Gas stood out with higher volume and price appreciation.

The volume shot up by 60pc over the previous session to 469m shares and sto­od out as the highest number of shares changing hands in 2020. Value traded almost dou­bled to $111.4m, from $57.5m. Leaders were Maple Leaf, Pak Elektron and TRG which together contributed almost 120m shares to the total turnover.

Published in Dawn, July 14th, 2020