KARACHI -  Continuing to follow its bullish streak, the PSX-100 index managed to reach yet another high in Thursday’s trading session as investors exhibit an upbeat sentiment towards local market before the year end. As a result the shares index posted a gain of 242 points or (0.51%) to conclude at 47,667 points.

Fauji Cement (FCCL) and Dawood Hercules (DAWH) remained major contributors towards the gain, cumulatively adding 58 points, where the mentioned scripts registered a gain of 5 percent and 3 percent, respectively, brokers said.

Better than expected monthly off take data of fertiliser companies supported investor confidence within the sector which led Engro Fertiliser (EFERT), Fauji Fertiliser Company (FFC) and Fatima Fertiliser (FATIMA) registered a gain in the range of 0.9%-2.6%. Cements remained positive where DGK Cement (DGKC), Cherat Cement (CHCC) and Maple Leaf Cement (MLCF) gained in the range of 0.7%-1.2%. Pak Electron (PAEL) also managed to attract positive sentiment where the stock closed at its upper price limit with 12 million shares being traded, said dealers at Topline brokerage.

Overall, volumes increased by 43 percent to 390 million shares, while value increased by 13 percent to Rs18.6 billion/$178 million. Rising banking spreads, speculations ahead of revised auto policy, rising local urea prices and strong earnings impact of CPEC projects on cement, steel sectors played a catalyst role in new highs of the benchmark index amid concerns for foreign outflows, commented analyst Ahsan Mehanti.