KARACHI - On the back of continuous upward trend in oil stocks, Pakistan Stock Exchange set a new record on Tuesday. The 100-share index closed at a record high of 45,858 points after rallying by 460.77 points. OGDC, PPL and POL contributed 207 points to the gain in index.

E&P sector led the gains in the market as crude oil prices surged to 17-month high level after Saudi Arabia, in OPEC meeting with non-OPEC members, agreed to cut its output by more than previously agreed level along with non-OPEC countries including Russia also agreeing to limit their production level going forward, dealers said.

POL and PPL in the E&P gained to close on their respective upper circuits. FECTC (up 2.78%) and DCL (1.57%) were top performers of the cement sector, as FECTC, in its material information disseminated in the market, disclosed that its board of directors had resolved to participate in bidding of Dewan Cement Limited (North Plant). HUBC (2.20%) gained to close in the green zone as the company through its material announcement notified the market that Private Power & Infrastructure Board (PPIB) has issued letter of support to Thar Energy Limited (a wholly owned subsidiary of HUB Power Company Limited) for developing a 330MW Mine Mouth Power Project at Thar, stated analyst at JS Global.

Overall, volumes decreased by 5.8% to 383m shares, while value remained flat at Rs22b/$208m.

HUBC announced through a notice at PSX that POL announced through a notice at PSX that the Private Power & Infrastructure Board (PPIB) has issued letter of support to Thar energy which is wholly owned subsidiary of HUBC for developing 330 MW Mine Mouth Power Project at Thar. This resultantly led interest in HUBC to gain by 2.1%, said dealers at Topline brokerage.