The KSE-100 index gained 50.94 points on Wednesday to close at 14,593.44 points on the back of fresh buying mainly in oil and banking sector stocks. The KSE-30 index increased by 125.71 points and settled at 17,493.18 points. The market witnessed healthy trading activity and the ready market volume increased to 232.014 million shares as compared to 204.958 million shares traded a day earlier.
The futures market turnover surged to 48.751 million shares against 41.402 million shares on Tuesday. The overall market capitalisation increased by Rs 16 billion to Rs 4.476 trillion. Trading took place in 361 scrips, out of which 171 scrips closed in positive and 167 in negative while the value of 23 scrips remained unchanged.
Arif Habib Sec was the volume leader with 20.705 million shares with a decline of Rs 3.45 to close at Rs 195.00. Norrie Textile surged by Rs 0.67 to close at Rs 2.53 with 15.652 million shares.
Fresh buying was witnessed in Bank Al Falah, NIB Bank and MCB which surged by Rs 1.20, Rs 0.98 and Rs 5.16 to close at Rs 56.10, Rs 16.40 and Rs 384.00 respectively. Nishat Mills gained Rs 0.95 to close at Rs 118.70.
POL, OGDC and PPL increased by Rs 4.80, Rs 0.20 and Rs 1.50 to close at Rs 426.25, Rs 131.50 and Rs 271.80 respectively. Azgard Nine lost Rs 1.50 to close at Rs 74.50. AKD Capital and EFU Life Assurance were the highest gainers with Rs 46.30 and Rs 20.40 to close at Rs 972.30 and Rs 537.00 respectively, while Sapphire Fiber and Shell Gas LPG were the highest losers with 8.50 and Rs 8.49 to close at Rs 275.00 and Rs 163.51 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that increase in oil prices in the international market crossing $127 invited investors'' interest in oil scrips. On the other hand, capital gains booking expectation in Mansha group scrips including MCB, AICL, NML improved market confidence.
Hasnain Asghar Ali at Aziz Fidahusein Securities said that with no new development on political front, the local bourse stayed in a positive range-bound stage. Increasing oil prices invited buying interest in the relevant stocks. The rally was supported by accumulation in banking and other main board and other group specific stocks.
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