KARACHI - The Karachi stock market closed at 30-month high of 12,140.84 points mark on Wednesday owing to institutional support and foreign interest in the oil & gas, banking and fertilizer stocks on strong valuations. The expectation of strong result announcements by the corporate sector put the index in the green zone despite some concerns over the tragic assassination of the Punjab Governor in Islamabad and fall in the oil trading prices to $88 per barrel at the international market. On Wednesday, the KSE 100-index opened on a positive note and remained firm throughout the day to close at 12,140.84 level, up 30.58 points or 0.25 per cent from the previous level of 12,110.26. Volumes were recorded at 168.22 million shares as compared to 220 million shares traded previously. Market capitalization amounted to Rs3, 288.52 billion or $38.37 billion from Rs3, 283 billion witnessed the other day. Ready market value accounted for Rs7.89 billion or $92.06 million. The KSE 30-index ended 0.14 per cent or 16.95 points, reaching index at the level of 11,717.28. KSE future volume came at 6.70 million shares while value stood at Rs700.74 million with 2.38 per cent future spread. Top 5 contributors to the index on Wednesday included: Attock Petroleum Limited, Attock Refinery, Oil & Gas Deve. XD and Pak Petroleum Limited, and Habib Bank Limited. Lotee Pakistan PTA, Arif Habib Corp., Fauji Fertilizer Bin Qasim, Nishat Chun Power and KESC were the top five volume leaders at the equity market. According to the market report, the support by the corporate participants in main board stocks allowed the index to move on to search for new highs in recent times. However, profit taking, stock, and sector swapping by local participants did offer resistance to the benchmark, which stood with triple digit gains, sell-off in main board stocks did force the index to loose substantially, partial placement of proceeds from high priced stocks towards various stocks, considered relatively safer, and allowed the benchmark to manage positive activity. Although volumes witnessed squeeze due to incident in the capital, volumetric activity in holding companies along with that in various low priced and group specific stocks, besides providing trading opportunities pulled the turnover to attain reasonable levels, the report said. Likelihood of amicable settlement of political matters allowed the sideliners to cautiously accumulate stocks still available at discounts, wherein they have the potential of providing opportunities of capital gains along with double digit yields, and some trading at low multiples, whereas data suggests further price appreciation, however, caution was visible due to gloomy economic, financial and law and order fronts, it added.