KARACHI - As international crude rallied on reports of freezing production by Saudi Arabia and Russia, local oil stocks gained while Pakistan Stock Exchange’s benchmark 100-index on Wednesday gained 29.20 points (up 0.09%) to close at 33646.10 points.

Volatility prevailed in yesterday’s session. Pressure remained on the cement sector on the back on news that Saudi Arabia has lifted its export ban, thus increasing competition for the already depressed exports. Biggest laggards of the aforementioned sector were DGKC, down 0.69%, and MLCF that declined 0.93%, dealers said.

Positivity prevailed in the oil sector as international crude oil prices rose above $44.00/barrel (Brent). Top performers of the sector were POL, which rose 4.03%, and NRL, up 2.46%. Pressure remained on the auto and fertilizer sectors. Other star performers of the day were TRG, up 3.55%, and AGTL increased 2.41%, observed analyst Ahmed Saeed Khan.

Volume increased by 20% to 187m shares while value increased by 24% to Rs 8.4b/$78.2m.

Consolidation was observed in some cement stocks such as DGKC and MLCF,which declined by 0.7% and 0.8% respectively, brokers said.

Analyst Ahsan Mehanti stated upbeat data on cement dispatches, oil and auto sales led institutional support in cement, auto and oil scrips. Pressure remained in textile, banking sector on dismal exports and remittances data for Mar’16. Bullish global equities, crude prices and likely consensus on $46b CPEC projects played a catalyst role in bullish close at PSX, analysts added.