KARACHI - Stocks showed recovery amid support in oil stocks on upbeat OMCs YoY sales data and surge in local POL prices this week, resultantly the shares index gain 210.11 points or (0.4%) to close at 49,666 level.

Positivity prevailed in the market during most part of the day, as the index gained to make an intraday high of 478 points. Later on pressure was witnessed in the market for a brief period of time as it lost ground to make an intraday low 29 points. This pressure in the market was short lived as index recovered during the latter hours to close 210 points higher than its previous day close, brokers said.

OGDC (higher 1.11%) gained on the back of the news that government intends to wait for further divestment of its 5 percent stake in company until its share price touches Rs200/share mark in the market.

ISL gained to close on its upper circuit for the second consecutive day of the week on the back of the expansion plan announced by the company yesterday. Under its expansion plan, company intends to add a Cold Rolling Mill, a pickling line and related facilities to its existing manufacturing line. CSAP (rose 4.85%) in the steel sector extended its previous day gain, as the 1HFY17 result declared by the company continued to garner investor interest, stated analyst at JS Global.

Surge in NSS profit rates invited mid-session pressure in banking stocks. Upbeat CPI YoY Inflation data and speculations on earning announcements in cement, steel and pharma sectors played a catalyst role in bullish close, dealers said.

Volume increased to 447 million shares as compared to 356 million shares changed hands yesterday, while traded value also rose to Rs24 billion/$230 million. DSL (rose 4.25%) was today’s volume leader with more than 57 million shares traded.