The stock market enjoyed another bull run on Thursday, which helped the KSE-100 index rise 389 points as trading volumes touched a new peak for the current calendar year on the back of robust investor sentiment.
Strong data of cement sales sparked renewed buying in the sector and all but one stock rose by the day’s end.
The KSE-100 index dipped for a brief period after trading began but the losses were erased soon and the uptrend continued for the rest of the session, pushing the index above 32,700 points by the close of trade.
At close, the benchmark KSE 100-share Index recorded an increase of 388.91 points, or 1.2%, to settle at 32,752.26 points.
Arif Habib Limited, in its report, said the market remained pumped up for the entire session after an initial drop of 83 points following the start of trading.
“Although global oil prices showed negative trend, exploration and production stocks managed to stay afloat with nominal price gains,” it said. “Several stocks of cement firms, refineries and oil marketing companies hit their upper circuit.”
The cement sector led the volumes with trading in 39.1 million shares, followed by power companies (37.8 million) and engineering firms (31.6 million).
K-Electric had turnover of 35.7 million shares, followed by Unity Foods (22.7 million) and Dost Steels (11.8 million), the report added.
Topline Securities, in its report, stated the KSE-100 index recorded a fourth consecutive positive session with a rise of 389 points or 1.2%.
“Cement stocks continue to remain on the investors’ radar after recent hike in cement prices coupled with expectations of double-digit growth in sales,” it said.