KARACHI: The share market on Friday welcomed the New Year with a bull run by gaining 678 points on the back of date extension to an amnesty for construction industry and hopes of resolution of debt circular.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44.435 points as compared with previous day’s close of 43,755 points, showing an increase of 678 points.
Analysts at Topline Securities said that bulls dominated the benchmark KSE-100 index on first trading session of the year, as the index gained to make an intraday high of 1,119 points.
This positivity in the market can be attributed to sources that suggested that IPPs and government have in principle come to an agreement to clear outstanding backlog of circular debt.
Resultantly IPPs, E&Ps and Oil and Gas Marketing sector (all part of the energy chain) lead the rally in market.
Other analysts said that the market responded positively to the announcement of the government to extend the date for the amnesty up to June 30, 2021 for no question on investment made for housing projects.
Some intraday profit taking was observed during the latter part of second trading session, as the index finally settled at 44,435 level (up by 1.55 percent).
Major contribution to the index came from HUBC, OGDC, PPL, PSO and UBL, as they cumulatively contributed 465 points to the index. Traded volume and value for the day stood at 641 million shares and Rs.27.2 billion respectively. POWER was today`s volume lead with 35.8 million shares.