KARACHI - Stocks continued its upward journey on second consecutive day, Tuesday, as the PSX shares index extended the gain by acquiring 229 points or (0.46%) to close at 49,859.39 points.

Banking sector led the gain in the market as the sector gained to close 1 percent higher than its previous day close. UBL led the index by contributing 88 points to the gain while the stock gained 4 percent, dealers said.

Mixed sentiments were viewed in cement sector as flat growth of 0.34 percent YoY was witnessed in the dispatch numbers released by APCMA for the month of January 2017. DGKC (up 0.27%) and FCCL (0.42) were among the major gainers, whereas on the flip slide CHCC (slip 1.49%) and KOHC (0.79%) were among the major losers of the aforementioned sector. Both the gas utilities, SNGP (up 4.77%) and SSGC (5%), gained to close on their respective upper circuit on the back of the news that government has tasked them to lay down a pipeline for the second RLNG terminal from Karachi to Lahore, observed analyst at JS Global.

Profit-taking was witnessed in ISL (down 2.08%), as the steel company lost value to close in the red zone after closing on its upper circuit for last four trading sessions. Robust earnings outlook in cement, fertiliser and oil scrips played a catalyst role in record close at PSX, brokers said.

Overall, volumes increased by 41 percent to 397 million shares, while traded value rose by 31 percent to Rs17.2 billion/$164 million. LOTCHEM was today's volume leader with more than 50 million shares traded.