KARACHI: Stocks continued their winning streak for fourth session in a row on Thursday with the KSE-100 index adding 384.27 points (0.86 per cent) to close above the strong barrier of 45,000 at 45,030.22 points.

Market started out on the momentum built over the previous two days, fuelled by the depreciation of the rupee, however, midday blip wiped off early gains. The index quickly recovered on the back of strong institutional flows in the cement sector after rumours of further rise in prices. Notable gainers in the cement sector were Lucky Cement, growing by 3.1pc, DG Khan Cement 2.9pc and Kohat Cement hitting its upper circuit.

Exploration and production stocks also closed in the green on the expectations of higher crude prices. Pakistan Oilfields was up increased by 1.15pc and OGDC rose 0.17pc.

Foreign investors were the leading buyers with net inflow of $9.76million shares. Market strategists asserted that, as expected, the devaluation had renewed foreign fund managers’ interest in stocks.

The volume climbed 10.3pc over the previous day to 228m shares while the traded value rose 3pc to Rs9.38 billion. Retail favourites TRG Pakistan and Lotte Chemical dominated the volume chart, and together with Fauji Foods, Azgard Nine and Nimir Resins contributed 30pc to the total share.

Sectors contributing to the rally included commercial banks at 119 points, cement 112 points, fertiliser 84 points, E&P 40 points and tobacco 15 points. On the flipside, insurance companies, auto assemblers and refineries remained under pressure as investors worried over the increase in production costs following the weak rupee.

Stocks that were the leading gainers included Lucky Cement, up 57 points, Habib Bank 43 points, Dawood Hercules 36 points, Bank Al Habib 35 points and Fauji Fertiliser 30 points. On the other hand, decliners were IGI Life Insurance, down, 10 points, Kot Addu Power 7 points Philip Morris Pakistan 6 points, National Bank 5 points and Adamjee Insurance Company 4 points.

Published in Dawn, March 23rd, 2018