KARACHI

Stocks on Wednesday closed bullish led by oil and cement scrips after WTI crude prices hit $48/barrel and upbeat local cement dispatch data for Oct'15, the KSE-100 index rallied 247 points or 0.72pc and settled at 34523 points.

An overall increase of 11pc YoY in cement dispatches during October 2015 served as a positive trigger for the sector.

Top performers of the sector were DGKC, MLCF, and CHCC closing up 1.77pc, 3.70pc and 2.56pc respectively. Recovery in global crude oil prices brought positivity to the E&P sector, where PSO rose 2.84pc was the star performer of the day. Marginal positivity was seen in the banking sector where three out of the big five closed in the green, observed analyst Ahmed Saeed Khan.

Dealers at Topline brokerage said slowdown in foreigner outflow in the last two trading sessions and positive trend witnessed in international markets helped local bourse gained 247 points.

Higher than expected increase in cement dispatches number for the month of October led to some interest in cement stocks. Many Stocks like DGKC, CHCC, LUCK and MLCF gained in a range of 0.38pcto 2.58pc

Oil stocks also rallied on the back of strong rise in international oil prices, OGDC, POL and PPL gained 1.11pc, 2.54pc and 1.55pc respectively

Traded volume increased by 48pc to 185m shares while traded value also improved by 79pc to Rs10.4b/ $99m.

Analyst Ahsan Mehanti said trade remained high on renewed investor interest in leverage stocks amid speculations ahead of SBP policy rate announcements next week. Bullish rally in global equities and commodities played a catalyst role in the prevailing positive sentiments at KSE.