KARACHI - Karachi Stock market witnessed modest gains on Friday due to limited institutional and foreign buying in the blue chip stocks of the oil sector amid a sharp increase in the prices of oil and other commodities in international market. The KSE 100-share index rose by 0.48 per cent or 57.03 points to 11,905.87 on a turnover of 68.09 million shares. The KSE 30-share index closed at 11,613.96, up 0.088 per cent or 101.73points. Market capitalisation increased from to Rs3, 171.38 billion or $37.41billion. The KSE future volume recorded at 3.45 million shares, value was at Rs695.88 million with 9.75 per cent spread. The US brent crude crossed $122 per barrel Friday on political turmoil in Middle East and Libya. Higher oil prices kept the index movement upward. The beneficiaries of higher oil prices, oil and gas exploration and refinery stocks initiated the long due bull-run, duly joined by the fertiliser stocks, allowing the bench-mark to register triple digit gains. However, low turnover and absence of follow-up, coupled with sell-off and profit booking on strength mainly in the high priced stocks disallowed the momentum to continue with the same pace, pushing the bench-mark in the consolidation phase, said an analyst. Although, oil exploration shares have the tendency of offering a hedge against oil price led inflation, the threat on the economy is seemingly higher than the gains offered by event to the beneficiaries, coupled with threats of tax packed budget and absence of financial groups providing volumetric support to the bourse disallowed an extended bull-run. However, POL stayed exceptional, wherein the stock witnessed renewed buying having a speculative colour, thus allowing the stock to witness substantial increase in value, besides offering day trading opportunities, to the daring. SBPs second quarterly report endorsed the statistics and shortcomings identified by international organisations kept the pressure mounting, higher inflation, rising interest rates and suffocating economy is likely to stay the prominent features of next quarter, according to the analyst.