Stocks rally 372 points on cherry-picking

The benchmark index of the Pakistan Stock Exchange extended its gains on Thursday amid a decline in global oil prices. Topline Securities Ltd said the upward trend in stock prices should be attributed to a resurgence of enthusiasm among investors for the cement sector. According to Arif Habib Ltd, cement stocks were the star performers during the session with DG Khan Cement Ltd (7.5 per cent), Pioneer Cement Ltd (7.5pc) and Maple Leaf Cement Factory Ltd (6.91pc) posting strong gains. A hike of 12.2pc was witnessed in the share price of K-Electric Ltd following the news that it wants Shanghai Electric Power to raise its bid to $2 billion for a majority stake in the electricity company in view of its improved performance and growth prospects. Similarly, a surge of 21.9pc was recorded in the share price of WorldCall Telecom Ltd after it notified investors that its unit expects a Nasdaq listing.