KARACHI

Continuous rally in international oil prices and surge in Asian markets allowed KSE 100-index on Monday to gain 340 points, closing at a month high of 34,183 points.

Positivity could be attributed to E&P and auto sector. E&P sector rallied on the back of recovering crude oil prices that touched the $50 mark. Top performers in the sector were MARI, up 4.20%, POL, up 3.90% and PPL that rose 3.2%.

Auto sales numbers for the month of September clocked in yesterday better than expected; resultantly investors interest was seen in the sector. Top performer in the sector was INDU, up 2.1%. Profit taking was witnessed in the cement sector; major laggards were ACPL, down 1.2%, and LUCK by 1.6% respectively. Confusion still prevails over the taking back of gas tariff hike and reduction in price per bag, therefore the sector remained under pressure where the major players closed in the red zone, observed analyst Ahmed Saeed Khan.

Political uncertainty was fizzled out as ruling party won the by-election in NA-122 constituency. Some profit taking was seen in cements stocks after news of Lucky Cement’s plant expansion in the Punjab region.

Index heavy weight oil and banking stocks like PPL, POL and OGDC gained 3.48-3.76% while UBL, HBL and MCB gained 0.63-3.74%, calculated dealers at Topline Securities.

Traded volume increased to 196m shares (up 11%) while traded stood at the same level of Rs9.8bn/US$94mn. Oil stock supported the index to close near session highs after rally in WTI crude prices above $50/barrel, stated analyst Ahsan Mehanti. Easing political noise and bullish activity in the global equities and commodities played a catalyst role in the positive close, dealers added.