Index gains 94.45 points

The Karachi share market on Wednesday witnessed a positive trend because of massive buying in oil and fertiliser sector and KSE-100 index surged by 94.45 points to close at 11,625.69 points from 11,531.24 points. During the trading KSE-100 index also hit intra-day high level of 11,654.90 points and low level of 11,497.40 points.
With the support of heavy buying, trading was better and the volume at ready counter surged to 87.381 million shares compared with 71.516 million shares traded a day earlier. Of 360 active scrips, 154 closed in positive and 108 in negative. while the values of 98 scrips remained unchanged. Market capitalisation increased by Rs 57.957 billion to Rs 3.068 trillion from Rs 3.04 trillion.
Fatima Fertiliser was the volume leader with 11.53 million shares and gained Re 0.86 to close at Rs 18.65. Bank Al-Falah surged by Re 0.40 to close at Rs 11.02 with 8.12 million shares. With 6.24 million trading, Fauji Fertiliser Bin Qasim was up by Re 0.76 to Rs 57.72. Arif Habib Corp gained Re 0.85 to close at Rs 27.80 with 6.102 million shares. Fauji Fertiliser with 5.7 million shares surged by Rs 3.52 to Rs 161.92. Lotte Pak PTA gained Re 0.11 to Rs 11.96 with 5.47 million share trading.
Engro Corp went up by Rs 4.49 to close at Rs 139.68 with trading of 4.66 million shares. Jahangir Siddiqui Co increase by Re 0.16 to close at Rs 5.87 with 4.33 million shares trading. National Bank of Pakistan and Azgard Nine gained Re 0.18 and Re 0.19 to close at Rs 45.37 and Rs 5.01 with trading volume of 2.7 million and 2.2 million respectively. UniLever Pak and Nestle Pakistan were highest gainers, increasing by Rs 80 and Rs 79.44 to close at Rs 5,505.00 and Rs 6,454.62 respectively, while Fazal Textile Mills and Sapphire Fibre were worst losers and declined by Rs 14.70 and Rs 3.50 to close at Rs 379.45 and Rs 102 respectively.
"Sentiment remained bullish, led by oil and fertiliser sector scrips after global commodities showed recovery and high refinery margins, besides record urea offtake in August", said Ahsan Mehanti, Director, Arif Habib Investments. He said that hopes for improvement in Pak-US bilateral relations on diplomatic front, recovery in global stocks on expectations for early settlement of Europe debt crises and expectations for favourable SBP monetary policy announcements next week played a catalyst role in positive close at KSE despite concerns for cut in US aid for Pakistan economic support and falling rupee value.