KARACHI

Shares market on Wednesday gained 139 points (0.43pc) to close at 32,249 points, mainly led by oil stocks.

Rising international oil prices triggered rally in oil stocks as OGDC, POL and PPL rose. Traded volumes stood at 226m shares (Rs.11b/ $110m), below month-to-date (MTD) average of 240m shares (Rs.13b/ $130m). PTC declined as investors sold the scrip, after lower than expected 1Q2015 earnings of the company.

Cement stocks remained under pressure on investors’ fears of price wars after DGKC’s announced its expansion plans yesterday. On the contrary, MLCF continued its upward rally. Third tier stocks remained in limelight with JSCL, TRG and PAEL registering volumes of 27m, 28m and 17m shares respectively, stated a report of Topline Securities.

Oil & Gas sector attracted investors’ interest today following an increase in the global oil prices. Cement sector again remained within the red zone led by LUCK down 1.3pc, DGKC 1.5pc and ACPL 3.2pc respectively as investors opted to book their profits.  EFOODS reached its upper circuit today on the back of strong earnings expectations.

Analysts at major brokerages said stocks closed bullish led by oil scrips after Brent crude rose above $58/barrel on US shale report and Mideast tension. Dismal earnings in telecom sector weakened the sentiments in the quarter end earnings announcement session which opened on a high note following bail extension of major political leader. Investors’ interest in second and third tier stocks on speculations ahead of earnings results due this week played a catalyst role in bullish activity at KSE.