billion against Rs12.71 billion while market capital rose to Rs7.74 trillion as against Rs7.71 trillion recorded in the last session. Of a total of 397 companies active in the session, 211 closed up, 171 ended down and 15 remained unchanged.
Ahsan said investors also bet on Engro subsidiaries, registering a strong turnaround this year. Engro Corporation rose five percent.
Analyst said overall sentiment was bullish ahead of the central bank’s policy review due on January 24.
“The upcoming monetary policy was also a trigger with investors expecting that a cut of more than 100 basis points might send the index further upward.
A small reduction in policy rates may cause disappointment,” Ahsan said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed up all-time high, led by oil, fertiliser and cement stocks amid a short recovery in international oil prices.
Hopes for the release of funds to the ailing energy sector impacted by circular debt crises and oil shortages and strong earnings outlook in fertiliser and cement sectors triggered bullish sentiments, Mehanti added.
Finances of energy sector firms are under pressure. Utilities and state-run firms, besieged by unpaid bills and poor finances, have delayed payments to fuel suppliers, which in turn owe oil refiners. The dues – circular debt — are amounting to over Rs500 billion, which accounts for approximately 1.7 percent of country’s GDP projected at Rs29.078 trillion.
Highest increase was recorded in shares of Unilever Foods by Rs396.50 to Rs8,799.00/share followed by Colgate Palmolive, which rose by Rs89.03 to Rs2,139.03/share. Major decrease was noted in shares of Nestle Pak by Rs499.00 to Rs10,500.00/share followed by Murree Brewery, which fell by Rs36.00 to Rs1,028.67/share.
Significant turnover was recorded in stocks of Jahangir Siddiqui Co, Pakistan International Airlines (PIA), Byco Petroleum, K-Electric Ltd, Pak Elektron, Hum Network, Media Times Ltd, Pak Int Bulk, Pace (Pak) Ltd and Hascol Petroleum.
Jahangir Siddiqui Co remained the volume leader with 33.62 million shares with an increase of 96 paisas to Rs18.30/share. It was followed by PIA with 16.95 million shares with an increase of 39 to Rs9.62/share.
Shares’ turnover in the futures market improved to 22.32 million shares from 20.38 million shares traded in the previous session.