KARACHI -  Pakistan Stocks Exchange (PSX) continued its upward trajectory on Wednesday. The 100-share index closed at fresh record high of 46,185 points after gaining 327 points.

E&P sector was major index mover, as it extended its previous day’s gains to close 2.8% higher. This gain was on the back of crude oil prices as they traded comfortably above $52/bbl, on the back of major oil producing countries’ decision to limit their production going forward in their meeting in Vienna last weekend. HBL, PPL and POL led the index by contributing 250 points to the gain, stated analyst Nabeel Haroon at JS Global.

Mixed activity was witnessed in the auto sector as numbers released by PAMA indicated a 6% YoY decline for the month of Nov-2016. MTL was the major gainer (up 2.42%), while INDU (down 1.40%) was the major loser in the sector. Intra-day rally was witnessed in cements as the sector gained to close 0.7% higher than its previous day’s close. MLCF (up 4.33%) and DGKC (2.26%) were top performers. Overall, volumes decreased by 6% to 360m shares, while value declined by 13.6% to Rs18.9b/$181m. POL, PPL and OGDC gained 5%, 5% and 1% respectively, said dealers at Topline brokerage.