Cement sector leads rally on stock market
KARACHI: The stock market snapped four-day losing streak on Monday as the bulls staged a robust rally with the KSE-100 index recovering 399.66 points (0.93 per cent) to close at 43,410.93.
Market started off sideways in the morning session, said analysts at JS Global. However, it gathered momentum on the back of the cement sector, which lifted the index to intraday high of 468 points.
“Cement sector remained in spotlight as manufacturers once again raised cement prices by Rs10 per bag,” stated Topline Securities. The sector added 110 points to the index gain. Fauji Cement and Maple Leaf Cement grew by 3.08pc and 2.64pc, respectively.
Exploration and production further fuelled the bullish fire with contribution of 80 points, as crude oil prices were up $2 per barrel due to reduced US drilling activity. Steel stocks gained momentum as Amreli Steels and Mughal Steels gained 1.6-2pc owing to a rise in local rebar prices by Rs3,000 per tonne (3.5pc).