KARACHI: Stocks continued their northbound journey for the sixth consecutive session on Thursday, with the KSE-100 index adding 224.58 points (0.56 per cent) to close at 40,371.31.

The upsurge in stock prices during the week has provided investors with a big relief. The index recovered 901 points (2.27pc) in the last three sessions. The gain reduces the full-year loss to 7,435 points (15.1pc).

Arif Habib Ltd CEO Shahid Ali Habib asserted that the triggers that sparked the rally included a decrease in the noise on the political front and the appointment of Miftah Ismail as adviser to the premier on finance, revenue and economic affairs.

Mr Habib also believedthat the stalled depreciation of the rupee offered comfort to investors.Elixir Securities stated that the market exhibited choppy behaviour until mid-day, with the index succumbing to mild intraday profit-taking. Later on,institutional buying in bluechip stocks pushed the index higher.JS Global noted that the intraday high was 317 points while the low was 115 points.

The brokerage reckoned that investors` sentiments receivedaboostfromreports relating to the central bank`s expression of optimism that the current account deficit might be contained to a manageable limit.

Cements extended their rally as bottom-fishing continued. Lucky Cement went up 3.5pc, D.G. Khan Cement 2.8pc, Pioneer Cement 5pc, Cherat Cement 4.4pc and Dewan Cement 6.3pc.

Major gainers on Thursday included MCB Bank, United Bank, Lucky Cement, D.G. Khan Cement and Fauji Cement, which together added 181 points.

Engro Polymer announced its board had approved capital expenditure of Rs10.3 billion for the addition of a PVC plant and the VCM plant debottlenecking.