LAHORE  -   Positive sentiments continued to persist in stock market as the KSE 100-index rose by 502 points (or +1.22 percent), closing at 41,614 points.

The planned visit of Saudi Crown Prince, Mohammad Bin Salman has kept the sentiments of market participants positive. Furthermore, investors were buoyant as over the weekend news regarding possibility of a further $2.5b deposit in State Bank of Pakistan from China was seen as a possible support to low foreign exchange reserves of the country.

Investors were heavily interested in cement scrips, such as POWER (+6.31 percent), DGKC (+5 percent), CHCC (+5 percent), MLCF (+5 percent) and ACPL (+5 percent), due to a decline in international coal prices. Resultantly, the cement sector was the volume leader sector-wise, generating 37m in shares traded.

Scrip-wise, BOP, KEL and ANL were the volume leaders, generating 19.8m, 17.6m and 12.0m shares traded, respectively.

Investor participation improved as traded volumes rose by 11 percent to 254m, while traded value progressed by 16 percent to $59m.

According to experts, the country’s construction sector emerged as the leading recipient of the foreign direct investment (FDI) during the first six months of current fiscal year with inflows concentrated in the China-Pakistan Economic Corridor (CPEC) related projects.

The inflation reading spiked 7.2 percent in January, hitting the highest level in nearly four and a half years in the wake of increase in prices of utilities, medicines and an expansionary fiscal policy, reported the Pakistan Bureau of Statistics (PBS).