KARACHI

Stock market witnessed a volatile session Monday as the KSE-100 Index posted a gain of 279 points or up by 0.81pc to close at 34,726 points.

Oil sector remained strong today due to recovery in international oil prices over the weekend as POL, PPL and OGDC closed up 2.8pc, 3.2pc and 4.9pc respectively. Banking sector remained under pressure as SBP Policy rate is unlikely to rise in FY 2015-16 even if CPI marches north (due to low base effect post Nov’15).

Cement sector stayed in the weak zone after news of Lucky Cement signaling expansion plans as MLCF, DGKC and CHCC closed down 2.2pc, 0.5pc and 1.6pc respectively. PAEL down 0.4pc, announced its quarterly earnings of Rs3.48/share and DPS Rs1.25, observed analyst Arhum Ghous at JS Global.

Analyst Ahsan Mehanti at Arif Habib Corp stated bullish activity witnessed at KSE led by oil stocks after 6 year biggest rally in global oil prices. Recovering global equities and speculations ahead of CPI Inflation data release for Aug’15, upbeat fertilizers consumption data release by NFDC for Apr-Jun’15 and strong results in the power, autos and banking sector played a catalyst role in bullish close.

Total traded volume in the market stood at 253m shares, with value worth of Rs14.6b/ $141m.

Out of total 400 traded companies in the session, 239 concluded in advance, 134 in decline, while 27 remained unchanged.

K-Electric emerged as volume leader with 41.3m shares, followed by Pace (Pak) Ltd with 23.2m shares and Pak Elektron with 20m shares were in spotlight in the market.