LAHORE - Stocks extended gains for a second session to close at an all-time high on Wednesday, on continued foreign investor inflows and positive sentiment about corporate earnings. Led mainly by banking and cement sectors stocks, the 100-index gained 287 points or 0.7 percent and closed at 39,434 index level.

The index’s major gain was due to activity in heavy weight stocks, namely United Bank (UBL), Lucky Cement (LUCK) and Habib Bank (HBL). The scrips rose by 1.9-3.3 percent and added 164 points to the index. Volumes rose 14 percent to 224.3 million shares while traded value increased by 16 percent to Rs13.3 billion or $126.5 million. Fauji Fertilizer (FFC) gained 0.5 percent after announcing 2Q2016 result, which was above street consensus.

Reuters adds from Karachi: “Market witnessed a net foreign portfolio inflow of $1.4 million rupees in the last session. Similarly, sentiment was also positive on earnings season,” said Fawad Khan, head of research, KASB Securities Ltd.

Heavyweight stocks such as Habib Bank Ltd gained 3.08 percent, Lucky Cement Ltd rose 2.69 percent and United Bank Ltd climbed 1.63 percent.

The rupee ended flat at 104.81/104.85 against the dollar, compared with Tuesday’s close of 104.81/104.85. Overnight rates in the money market rose to 6.10 percent from Tuesday’s close of 5.90 percent.