KARACHI - Stock market closed at the highest-ever level on Thursday as investors cheered CPI inflation data.

The benchmark 100-share index continued its momentum from the previous day with support from local and foreign investors, brokers said. The index posted a gain of 342.97 points (0.94%) to conclude at 36839.14 points.

OGDC (1.17%), POL (1.26%) and PPL (1.12%) in the E&P sector gained on the back of investors’ optimism regarding positive outcome of OPEC meeting in Vienna and possible decline in US weekly oil inventory stockpile data. Investors’ interest was seen in the textile sector ahead of budget announcement in which there is anticipation that the sector will be added to ‘No Tax No Refund Regime’. Major gainers in the aforementioned sector were NML (2.22%) and GATM (3.24%), observed analyst Arhum Ghous.

Volumes increased by 48.5% to 306m shares, while value also increased by 64% to Rs13.3b/127$m. KEL and FCCL were the volume leaders with 62m shares and 48.4m shares traded.

ENGRO announced strategic alliance with General Electric. ENGRO will be a key digital industrial partner for GE in Pakistan and the region. Stock closed up by 0.7%. After 3 days of lower limits, interest was seen in FCCL which closed down by 3.8%, stated dealers at Topline brokerage