The Pakistan Stock Exchange (PSX) maintained its positive momentum on Wednesday as the benchmark KSE-100 index gained 416 points, or 0.89 per cent, by the close of the trading session to reach 46,949 points.

The bullish trend ruled over the bourse through out the day's trading. However, the market showed an upswing during the first 45 minutes, with the benchmark climbing 432 points.

The index tested the day's high at 46,989 points near the close of the session. The market's opening at 46,533 points remained the day's low.

Trading activity was led by the engineering sector, with 47 million shares traded during the session. The chemical and the cement sectors followed with 41.8m and 35.7m shares traded respectively.

"Buying interest was witnessed in the oil marketing companies sector as PSO (+2.46pc), SNGP (+2.51pc), and SSGC (+1.64pc) gained from the aforementioned sector. PSO likely gained on the back of becoming Shariah-compliant after receipt of cash against PIBs and retirement of short-term debt," said a JS Global report.

The report added that the steel sector continued its positive trend due to revised custom valuations on imported steel, favouring local steel manufacturers. ASL (+5pc), ISL (+3.89pc) and ASTL (+1.55pc) were the major gainers from the steel sector.

It added that the OGDC (-0.57pc), POL (-0.25pc) and PPL (-0.82pc) from the oil and gas exploration and production companies' sector shed points as international oil prices decreased on account of increasing US oil inventory and high OPEC production.

The report further said that HBL (+2.94pc), MCB (+1.60pc) and UBL (+1.33pc) from the commercial banking sector cumulatively contributed +150 points to the KSE-100 index.

Senior analyst Ahsan Mehanti said, "Investor speculations on the prime minister's ambitious vision announcements, higher global crude prices, upbeat global equities and strong corporate results in the cement, oil and auto sector played a catalyst role in bullish close."

A total of 154m shares of KSE-100 index companies changed hands in the session, with a worth of nearly Rs11.9 billion.

Stocks of 389 companies were traded, of which 263 gained in value, 107 declined and 19 remained unchanged.

Volumes were led by:

K-Electric Ltd: 29.4m shares traded [+3.43pc];

B.O.Punjab: 24.0m shares traded [+0.80pc];

TRG Pak Ltd: 23.3m shares traded [+4.87pc];

Aisha Steel Mill: 22.7m shares traded [+4.98pc];

Lotte Chemical: 22.3m shares traded [-0.90pc].