KARACHI -  Stock market rallied to fresh all-time high level on Thursday amid consolidation in the post-earnings season.

Market continued its positive momentum during the initial hours of the trade but soon investors opted for profit-taking as the index gained around 49 points to close at 42,950 points, brokers said. E&P sector gained to close in the green zone on the back of the news that the world's listed oil companies have slashed oil output by 2.4 percent so far this year during one of the industry's worst downturns as OPEC battles to agree on its first production cut since 2008. PPL (up 0.7%) and OGDCL (0.5%) were top performers of the aforementioned sector. Investors’ interest was seen in cement sector as the sector gained to close higher from its previous day’s close. ACPL (up 5.0%), CHCC (2.7%) and DGKC (1.6%) were top performers of the aforementioned sector, stated analyst at JS Global.

Overall, volumes increased by 14% to 564m shares, while value rose by 1% Rs18.3b/$175m. NESTLE, DGKC and LUCK contributed 46 points to the gain. In expectation of textile relief package, GATM, KTML and NCL gained between 2.8% to 5%. MUGHAL and ASTL continued to rally. Banking stocks remained under pressure ahead of SBP policy announcement on Nov 26 on likely status quo over the policy rates. Auto stocks outperformed on attractive policy & growth incentives.

Expected announcements on special export package for textile & cement sector played a catalyst role in record close, dealers said.