Cement, steel sectors help index gain 319 points.
KARACHI -- The stock market turned bullish on Tuesday on the back of sharp rally in the cement and steel stocks. The KSE-100 index climbed 319.23 points (0.96 per cent) and settled at 33,603.02, taking capitalisation higher by Rs42bn.
Buying in cyclicals was triggered by the prime minister's directives to the Water and Power Development Authority (Wapda) to immediately start work on construction of Diamer Bhasha Dam. He said it was imperative to ensure water security that would help meet energy and agriculture requirements of the country.
In anticipation of the higher despatches going forward, investors started to accumulate cement shares which sent their prices soaring right from the start of trade. Pioneer, Maple Leaf, DG Khan, Lucky and Fauji climbed to touch their upper circuits or finish just short of that.
Steel stocks were also in demand as an essential material in the construction industry. Aisha, Mughal and International Industries ended in green. Banking shares remained mixed as the SBP announced that the monetary policy meeting would be held on the 15th. The market is expecting a potential cut in...
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