The Benchmark KSE 100-share index opened on a positive note, extending previous day’s rally to reach close to its all-time high of 39,917. However, trade during the later hours of the day remained volatile.
The KSE 100-share index gained 142.17 points or 0.36 per cent to close at 39,805.88 on Wednesday. The index reached an intraday high of 39,864 points. After the oil exploration and production sector driving the rally for the last two days, the cement sector took charge Wednesday.
Despite weaker Asian and European markets, the Benchmark KSE-100 index managed to maintain its rally on the third day of the week. After reports of 12.38 per cent jump in domestic cement sales to 2.018 million tonnes year-on-year, the cement sector staged a healthy comeback with considerable buying in major cement stocks. The jump in sales can be attributed to high demand from large government-funded infrastructure projects.
Amid renewed investor interest, Lucky Cement, Maple Leaf Cement, DG Khan Cement and Pioneer Cement benefitted most in the sector with 2.67 per cent, 2.17 per cent, 0.73 per cent and 1.49 per cent gains respectively.
Autos, banks and fertilizers also contributed towards index gains. E&P sector managed to stay buoyant despite 1 per cent retreat in crude oil prices with Oil and Gas Development Company Limited (+0.38 per cent), Mari Petroleum Company (+1.27 per cent) and Pakistan Oilfields Limited (+1.64 per cent) leading the sector at closing time.
Bulk of the activity was seen in Deewan Salman Fiber Limited (+25.28 per cent), Engro Fertilizers (+0.68 per cent) and National Investment Bank (+2.16 per cent) which emerged as the volume leaders during Wednesday’s session.
In total 242 million stocks worth Rs 12.3 billion were traded on Wednesday. The share price of 195 stocks went up, that of 138 depreciated and that of 18 stocks remained unchanged.