KARACHI - Bullish sentiment prevailed at PSX as the shares index touched a new highs of 48,827.55 points. Slowdown in foreign selling amid rising oil prices helped market to gain by 587.27 points or (1.2%), brokers said.

E&P sector closed in the green as the oil prices rose sharply in the second trading session of 2017, as traders watched development surrounding the landmark deal reached by the OPEC and several non-OPEC oil producers to reduce their output this year. OGDC (rose 2.76%), PPL (2.71%) and POL (2.51%) were the top performers of the aforementioned sector.

Mixed sentiments were witnessed in the Banking sector as there was a decline in MoM CPI number by 0.5 percent to 3.7 percent for the month of December 2016. HBL (down 0.91%) was the major laggard of the aforementioned sector.

Furthermore, investors’ interest was seen in the Cement sector as the sector gained to close (2.6%) higher than its previous trading session. DGKC (up 4.50%) and MLCF (4.15%) were major performers of the aforementioned sector, said analyst Nabeel Haroon at JS Global.

OGDC, ENGRO and UBL contributed 169 points to the index gain, closing up 2.7 percent, 3.5 percent and 1.9 percent respectively. “As per our channel checks, better sales growth in fertiliser sectors helped EFERT, FFC and FATIMA to gain between 1.3%-5%,” said dealers at Topline brokerage.

KEL and DSL led the volumes with 28 million and 61 million shares respectively. However DSL announced in a notice through PSX stating that expected date of start of commercial operations of the company will fall around May 2017.  Overall, volumes increased by 33.2 percent to 501 million shares, while value increased by 44 percent to Rs27.1 billion/ $260 million.