Stocks continue upward journey
KARACHI: Stocks extended the gains for the second day on Wednesday with the KSE-100 index up by 109.03 points (0.34 per cent) and closing at 32,363.35.
The index opened slightly negative and remained volatile throughout the session as it moved between intraday high and low by 134 points and 74 points.
Cyclical sectors, cements and steels led the rally while oil and gas exploration heavyweights remained under pressure as Pakistan Oilfields, Pakistan Petroleum Ltd and Oil and Gas Development Company closed in the red following decline in international oil prices.
Refineries and oil marketing companies remained unaffected. Cement sector grabbed the spotlight again on the back of potential increase in cement prices in northern region.
Further investor interest was generated by the news flow suggesting that the government is considering to allow builders and developers to invest in construction projects without questioning the source of equity.
Thus, Maple Leaf Cement Factory (MLCF), D. G. Khan Cement (DGKC), Cherat Cement and Pioneer Cement closed at their upper circuit, while other scrips showed varying gains.