KARACHI -  Pakistan Stocks Exchange (PSX) continued its positive momentum on Thursday as the shares index gained around 247 points or (up 0.56%) to close at its new high of 44,742 points.

During six consecutive sessions, the bench mark shares index rallied 2120 points. Recovery in global crude prices, foreign inflows and bullish global equities impacted the sentiments. Reports on rising auto sales, upbeat data on cement sales and higher urea sales for November 2016 played a catalyst role in record close, dealers said.

LUCK gained to close on its upper circuit as the board of directors of the company in their meeting have authorised an investment of Rs12 billion to set up a company to assemble and market KIA motor vehicles in Pakistan; they further resolved to start due diligence of North plant of Dewan Cement Limited located in Hattar, District Haripur.

NPL gained for the second consecutive day on the back of the news that Nishat Power Limited along with its co sponsor TBEA Xinjiang Sun Oasis Company Limited from China will use Nishat Energy Limited (NEL), as a special purpose vehicle to set up a 1x660 MW coal fired power plant at Liaqatpur Tehsil in Rahim Yar Khan. OGDC (rose 0.53%) and PPL (0.95%) in the E&P sector gained to close in the green zone on the back of slight rebound in crude oil prices, as it gained to trade above $50/bbl level, observed analyst Nabeel Haroon at JS Global.

Overall traded volume decreased to 368 million shares as compared to 470 million shares changed hands yesterday, while traded value also declined to Rs15.8 billion/$151 million. Bank of Punjab and NIB Bank were in spotlight in the session with cumulated traded volume of 100 million shares. Of total 403 active scripts participated in the trading, 256 concluded in negative, 127 in positive, while 20 remained unchanged.