Auto sector leads gains on stock market.

KARACHI -- Stocks bouncA!A!A!ed back on the last trading day of the week with the KSE-100 index closing up by 118 points (0.25 per cent) at 48,212. The market opened in the positive and the index piled up 333 points, due mainly to the outstanding performance by the automobile sector.

The auto sector came into the limelight due to a strong demand for cars as a consequence of sharp improvement in sales due to decline in Covid cases and improving liquidity with savers. Moreover, reports that the government was considering reduction in taxes on new imported and locally assembled cars of up to 800cc engine capacity in the budget, stirred investors' interest in auto stocks.

Foreign investors bought shares worth $1m. Among local participants' companies also picked up value stocks but the exuberance for stocks was seen mainly among the individuals who accumulated shares of $8.94m. Major sellers were banks and insurance companies.

Sectors contributing to the performance included autos (35 points), O and GMCs (25 points), E and P (23 points), pharma (23 points) and (14 points). E and P, O and GMCs and fertiliser sector stocks also contributed to the positivity in the...