Stocks managed to bounce back on Wednesday, as Kse-100 index climbed 722.48 points to clock at 39,849.96 points. On Wednesday, investors picked the cues from previous session’s momentum and skyrocketed right from the beginning amid abandoning weeks of consistent panic selling. Value hunters continued to cherry pick oversold equities at attractive rates, which added impetus to the momentum. Moreover, the market sentiments were swayed by some improvement in economic data and recovery in international oil prices due to demand optimism, however, major buying activity was witnessed in Cement sector and steel sector. Analysts, however, fear that the recovery may be a dead cat bounce, and market may recoil, since political uncertainty will continue to weigh down on the sentiments. Moreover, market will also continue to add up on increasing Covid-19 cases and a possible second wave of the pandemic which threatens to slow down the revival of economic activity.During the day the index cemented its position, and recorded its high at 39,920.13 after gaining 792.65 points. The index volumes slightly decreased from 274.46 million shares recorded in the previous session to 270.11 million shares, however, the overall market volumes slightly rose from 406.04 million shares recorded in the previous session to 431.96 million shares. The volume chart was led by Hascol Petroleum Limited followed by Unity Foods Limited and TRG Pakistan Limited. The scrip exchanged 59.71 million, 34.57 million and 23.97 million shares, respectively.Sectors which lifted the index were Cement with 133 points, Pharmaceuticals with 74 points, Oil & Gas Marketing Companies with 66 points, Technology & Communication with 65 points and Commercial Banks with 58 points. Among the scrips, most points added to the index was by Lucky Cement Limited which contributed 46 points followed by Searl Company Limited with 39 points, TRG Pakistan Limited with 32 points, ENGRO with 32 points and Muslim Commercial Bank with 27 points. However, sectors which continued to add pressure were mainly End Mutual Fund with 4 points. Among the scrips, most points taken off the index was by National Bank of Pakistan which stripped the index of 16 points followed by Philip Morris (Pakistan) Limited with 7 points, HBL Growth Fund with 4 points, Fauji Fertilizer Company Limited with 4 points and Habib Metropolitan Bank Limited with 3 points.