Market watch: KSE-100 ends positive for 11th successive session

KARACHI: The stock market continued to inch upwards, ending positive for the 11th successive session on Thursday, to close near the 42,000-point barrier.

Political calm and bullish sentiment in various sectors led investors to continue pouring money after the KSE-100 Index had regressed near the 38,000 level last month.

At close on Thursday, the KSE-100 Index ended with a gain of 378.47 points or 0.91% to finish at 41,922.74.

Profit-taking and resistance near the 42,000 level meant the index was unable to move past 41,995.66 – its intra-day high.

Stocks opened positive and carried on with their positive momentum with auto, cement, fertiliser and banking sectors hogging the limelight. Oil and gas marketing companies closed negative on disappointing numbers of furnace oil production for December.

K-Electric was the volume leader with 34.06 million shares changing hands, followed by Pakistan Telecommunication Company (11.35 million), and Engro Polymer (10.16 million).

Overall, trading volume decreased to 222.35 million shares on Thursday. The value of shares traded during the day was Rs8.6 billion.

This is a developing story and will be updated accordingly…

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