1,189-point rally tosses index above 62,000 level

Bullish sentiments prevailed in the stock market for the second consecutive session, propelling the KSE-100 index above the 62,000-point level on Thursday. Topline Securities Ltd said the positive momentum spurred significant buying interest across various sectors, particularly power, banking, oil and gas and cement. Key contributors to the upward trend included the Hub Power Company Ltd, Bank AL Habib Ltd, Mari Petroleum Company Ltd, Lucky Cement Ltd and Oil and Gas Development Company Ltd. Ahsan Mehanti of Arif Habib Corporation said the bullish trend continued on institutional buying ahead of the year-end. In addition, a falling trend in government bond yields amid projections for lower inflation and interest rates also contributed to positive sentiments. Moreover, a strong rupee and reports about an improvement in the balance of trade by $5.6 billion for July-December played the role of a catalyst in the bullish close.