KARACHI - Buying spree in almost all scrips catapulted PSX to new highs, resultantly the bench mark shares index reached around 44,200 level by rallying 459 points.

Cement sector led the gains on the back of strong cement dispatch numbers released by APCMA which indicated 11 percent YoY growth in November 2016. FCCL and DGKC were major movers of the aforementioned sector, as they gained to close near their respective upper circuits.

Fertiliser sector continued to garner investor interest with ENGRO (rose 1.48%) and FATIMA (1.71%) top performers. OGDC (up 1.26%) and POL (0.59%) in the E&P sector gained to close marginally higher than their previous day close, as E&P sector lost its euphoric momentum on the back of slight decline in crude oil prices from its 16-month high.

This decline in oil prices came on the back of growing skepticism as to how OPEC will implement its first supply cut in eight years, stated analyst Nabeel Haroon. Higher global crude prices amid OPEC output cut agreement; surge in cement sales, highest cement capacity utilisation and rising banking spreads data in November 2016 played a catalyst role in bullish close, brokers said.

Volume rose to 372.5 million shares as compared to 345.4 million shares changed hands on Tuesday, while traded value also increased to Rs19.7 billion/ $188 million.

Out of total 431 active companies took part in the session, 231 concluded in povtive, 186 in negative, whereas 14 went unchanged.k