KARACHI

Continued interest was seen in index heavy weight stocks like HBL, OGDC and LUCK which was up by 0.65 -4.44pc, the KSE-100 index on Wednesday gained 173.33 points to close at 33,376.20 points up 0.52pc.

Positivity today was solely attributed to the oil sector, almost a 5pc increase in global oil prices has been the main driver in the sector, where top performers today were Shell up 5.0pc, PPL 4.0pc and POL rose 3.4pcrespectively.

Cherry picking continued in the banking sector where three out of the big five banks closed marginally positive.

Decline in cement dispatches announced yesterday for the month of September has taken its toll on the sector, as the whole sector remained in the red zone throughout the day. Major laggards of the sector were Power down 1.8pc and MLCF declined 0.9pc, observed dealers at leading brokerage. Thanks to sharp upsurge in international oil prices which helped local oil and gas stocks liked, OGDC, PPL, POL and PSO gained by 3.70-5pc, stated dealers at Topline Securities.

Traded volume decreased to 132m shares (down 11pc) while traded value also declined by 11pc to Rs7.6b/ $73m. Analyst Ahsan Mehanti said WTI crude prices rally above $49/barrel, speculations ahead of SBP policy rate decisions next month and bullish sentiments in global equities played a catalyst role in the bullish close. Dealers expect positive sentiments will continue as long as global oil prices are rising on market rumours of global cut in oil production.