KARACHI - Bulls resumed control at Pakistan Stock Exchange (PSX) on Wednesday, taking the 100-share index up by 816 points to the level of 43,631 points. Activity was again seen in commercial banks which took some correction Tuesday.

Major contribution to the index came from HBL (up 2.46%), ENGRO (3.04%), UBL (2.27%), MCB (2.23%) and LUCK (2.33%), cumulatively contributing 248 points to the index.

On the sector front, commercial banks added 227 points, fertilizer 105 points, cement 95 points, OMCs 56 points, E&Ps 53 points, engineering 45 points, power 35 points, while not a single sector had negative contribution.

Bullish sentiments were witnessed in the fertilizer sector, where FFBL (up 2.93%) and FFC (1.92%) contributed 33 points and closed positively on the back of the news of proposal in reduction in GIDC that would materially benefit FFC and FFBL.

Investors’ interest was seen in the engineering sector where ISL (up 5%), ASL (5.06%) DSL (9.17%) and ASTL (3.30%) closed in the green zone.

Oil prices closed at fresh three-year high, where POL (up 0.34%), PPL (1.21%) and OGDC (0.79%) from the aforementioned sector closed positive, said dealer at JS Global. Participation improved significantly where volumes rose 45% d/d to 328m shares, while value traded increased 60% to Rs15.6b/$140m. This has been highest activity since August 2017 owing to strong interest in blue chip stocks.

Stocks that contributed significantly to the volumes included ASL, TRG, DCL, ANL and BOP, reflecting 24% of total volumes.

Brokers expect the market to continue its positive trend; however prevailing political situation may shake investors’ confidence for the short-term.