KARACHI: Stocks resumed their north bound journey on Wednesday, with the KSE-100 index adding 179.88 points (0.53 per cent) to settle at 33,946.37.
Although the index managed to breach 34,000 mark on several occasions, it was unable to sustain that level and eventually succumbed to selling pressure near the end of the day.
Regional markets showed upside movement and the local bourse followed the suit, led by stocks in cement and oil exploration.
Volumes receded by 9pc to 298.8 million shares, but still remained above average volumes for the year.
Major contribution to upside came from NESTLE (3.66pc), HBL (1.01pc), OGDC (1.71pc) and LUCK (1.27pc).
Majority of the cement scrips managed to close in the green zone in view of robust despatches and expectations of strong results during the upcoming season. LUCK (1.27pc) and MLCF (1.92pc) were major gainers.
The oil and gas sector remained positive due to rising oil prices, which recovered upon optimism by Kuwait’s Opec governor about oil producing countries’ deciding to freeze output in upcoming meeting. OGDC (1.71pc), POL (0.66pc) and PPL (1.19pc) gained in the E&P sector.
Pakistan Telecommunications added 3.8pc to its stock price as investors reacted to the possible imposition of price floor on cellular mobile operators by Pakistan Telecommunication Authority (PTA).
The steel sector also managed to grab investors’ attention on expectations of increased demand amid rising construction activities and initiation of various pipeline related projects.
Banking sector continued to gain traction with major contribution to upside coming from HBL in line with market expectations of status quo in the upcoming monetary policy.
Courtesy : Dawn News