Bull run enters third day with 467-point rally.

KARACHI -- Stocks amaAssed more gains on WedneAsday, extending the strong rally into the third day on Wednesday with the KSE-100 index up by 467.49 points (1.36 per cent) which settled close to 35,000-level at 34,889.41.

During the day, the index hit intraday high by 502 points, mainly in line with bull run in regional markets as countries were putting the need to re-open economy ahead of the fear of Covid-19.

The fuel that fired the buying at the local stock market was provided by a number of positive developments. Institutions were the major buyers as they switched to equity and other investment class as the government barred them from the National saving schemes.

Foreigners sold shares worth $3.39 million and individuals also booked profit as they offloaded stocks of $4.62m. Insurance companies ploughed heavy sum of $6.45m in equities.

Cement sector rose on the back of recent increase in prices in the north and reduction in Federal Excise Duty to Rs1.50 per kg, from earlier proposal in the budget at Rs1.75 per kg. Moreover, the Pakistan Bureau of Statistics annouAnced inflation for June at 8.59pc which was in line with market expectations. The State...