Staff Reporter Karachi
The stock market extended its gains on Wednesday as the benchmark KSE-100 index rose nearly 200 points and crossed the 46,000-point mark.
Improved cement sales data, with sales growing 1.98% to 4.577 million tons in February 2021 as compared to 4.489 million tons in February 2020, and surging crude oil prices in the international market lent support to the stock market.
The positive momentum was also aided by news of release of funds by the government under a deal signed with the independent power producers (IPPs).
Earlier, trading kicked off with a spike, following which the KSE-100 index rose steadily for most of the session. At close, the benchmark KSE-100 index recorded an increase of 196.51 points, or 0.43%, to settle at 46,160.78 points.
Other than bank and exploration and production stocks, the overall market recorded price gains, especially cement, steel, oil and gas marketing, refinery and power sectors.