KARACHI - Led by auto, textile and cement scrips, stock market showed recovery on Wednesday. The PSX 100-share index gained 106.39 points or 0.27 percent to close at 39,506.58 points.

Positivity prevailed on the third day of rollover week, dealers said. Yesterday’s rally was led by the automobile sector that rallied across the board on the back of depreciating Yen. Major index movers of the aforementioned sector were PSMC and INDU, which rallied by 3.89% and 2.58% respectively. PAEL (up 1.18%) rallied on news that ADB has issued a loan of $810m for the upkeep of electric transmission system.

Marginal positivity was witnessed in the oil sector after OGDC’s (up 1.18%) FY16 result clocked in at better than expected despite global crude oil prices continuing its downward trajectory, stated Ahmed Saeed Khan at JS Global.

Traded volumes declined by 19% to 140m shares, while value decreased by 6% to Rs7.6b/$73m.

Result driven activity was witnessed in Hub Power Company (HUBC) and Oil and Gas Development Company (OGDC), which led the stocks gaining in the range of 0.24% to 1.24%.

Meezan Bank (MEBL) closed in the red, down (0.9%) as the result announcement was below street consensus. Interest in autos led Pakistan Suzuki Motors (PSMC), Indus Motors (INDU) and Honda Atlas Cars (HCAR) to gain between 1.75% - 4.1%, said dealers at Topline brokerage.

Analysts expect the local bourse to be volatile for the last two days of the futures rollover week.