KARACH - On the expectation of better corporate results investors took fresh position in KSE-100 Index on Wednesday which rallied by 252.86 points to close at an all time high of 35699.75 points or up by 0.71pc.

Major support was witnessed from index heavy weight sector like banks and oil. HBL, MCB, PPL and OGDC increased by 2.09pc, 0.92pc, 1.66pc and 0.56pc respectively.

Nepra proposed electricity tariff cut on account of fuel adjustment which will have a positive impact on textile sector as textile sector remained in limelight.

SSGC and SNGPL continued its positive momentum for the second consecutive day as both stocks closed at their upper circuit, said analyst at sales desk Topline brokerage.

Within the cement sector LUCK down 2.2pc, DGKC 0.7pc, MLCF 1.3pc) all witnessed profit-taking and closed within the red zone. With an expected 18-20pc increase in gas tariff after Eid SNGP and SSGC both closed at their upper locks.

On the contrary, if the increase in gas prices materialise, it is likely to hit the fertilizer sector specifically FFBL down 2.6pc which closed in the red today.

KEL again remained within the negative news as Transparency International accuses K-Electric (KEL) of committing tax evasion of Rs111b, commented analyst Muhammad Mobeen.

Analyst Ahsan Mehanti said trade was led by second and third tier scrips on speculations ahead of financial results. Robust auto, cement & fertilizers sales data for Jul-June’15 and falling borrowing costs of leveraged corporate sector played a catalyst role in bullish activity at KSE.

Traded volume 551m shares and value of Rs.16.2 b/ $158m surpassed the average volume and value of last 15 days. Trade value and volume have increased by 42pc and 20pc respectively. Major activity was witnessed in Lotchem, DSFL and PIBTL with traded volume 60m shares, 31m shares and 31m shares respectively.