KARACHI -  Volatility prevailed in Pakistan Stocks Exchange (PSX) on first trading day as the index traded between an intraday high of 206 points and intraday low of 157 points to finally close at 47,943 level.

Index point leaders were HBL (gain 1pc), OGDC (1.5pc), UBL (1.3pc), ABOT (3.1pc) & PAEL (2.2pc) with 115 points contribution, while EFUG (slip 2.4pc), PMPK (5pc), FCCL (1.2pc), BATA (5pc) & SNGPL (1.2pc) eroded 39 points from the index, said dealers at Topline brokerage.

Limited participation by investors in the market can be attributed to ongoing concerns over the political scenario. The E&P sector extended its gain as crude oil prices continued their upward trajectory to trade above $52.50/bbl level. This surge in crude oil prices stemmed from another shutdown at Libya's largest oilfield and unrest following US air strike on Syrian airbase. OGDC (gain 1.54pc) and POL (0.67pc) were major index movers from the aforementioned sector.

Apart from the E&P sector major contribution to the index gain came from HBL (up 1.02pc), UBL (1.25pc) and PAEL (2.22pc), while FCCL (slip 1.21pc), SNGPL (1.15pc) and BAHL (0.88pc) lost value to weigh down on the index, observed analyst Nabeel Haroon.

Rising banking spreads, surging global crude prices after the US air strikes in Syria and ADB forecast on likely achievement of the government target fiscal deficit at 3.8 percent played a catalyst role in positive close, market participants said.

Volume declined 14 percent d/d to 131 million shares, while traded value increased 5 percent to Rs7.6 billion/$73 million. ANL (rose 3.0pc) was today's volume leader with 16 million shares traded.