KARACHI - The Karachi stock market witnessed bullish activity on Wednesday owing to foreign buying in the oil and gas, banking and fertilizer scrips of the listed companies on strong valuations. Positive sentiments were seen throughout the trading session caused by a considerable increase in the international prices of oil and petroleum products, which traded higher above $90 in global market. Moreover, bullish activity at the world capital markets triggered the investors to do selective stock picking from the companies belong to energy, banking and fertilizer sectors for bearing fruits going forward. On Wednesday, the KSE 100-index closed at 11,848.62 points, up 23.56 points or 0.20 points from the previous level of 11,825.06 with a high of 11,877.38 and low of 11,793.08 levels. According to the stock market statistics, volumes remained almost flat at 93.44 million shares versus 116.8 million shares traded a day earlier. The KSE market capitalization stood at Rs3, 218.68 billion or $37.53 billion while total volume shares recorded at 93.44 million, totalling ready market value to Rs60.02 billion or $70.15 million. The daily market report showed that the KSE 30-index ended 0.07 per cent with a gain of 7.75 points, reaching the index at 11,401.29 mark on the reported day. The KSE future volume shares came at 3.67 million, amounting to future value to Rs428.53 million or 5.59 per cent. The top 5 volume leaders were: Lotte Pakistan PTA, Nishat Mills Limited, National Bank of Pakistan and Nishat (Chunian), and Azgard Nine, out of which Lotte Pakistan had stolen the show by adding Rs6.772 million in its earning on the said day, according to stock report. The shares of the same company opened at Rs13.38 and closed Rs13.23 with highest rate of Rs13.50 and lowest at Rs13.18. In addition, the turnover of Nishat Mills Ltd increased to Rs6.212 million at the share rate of Rs63.35 and Rs63.25. Similarly, NBPs share opened at Rs72.05, closed Rs72.26, showing a high of Rs72.70 and low of Rs71.75 on Wednesday. A market expert said early gains were yet again checked by technical indicators suggesting adjustment. Thus, the main board stocks invited fresh float, wherein some participants targeted index levels while others opted for off-loading due to saturation led stagnation in main board stocks, prominent for past few sessions. Negativity in the shallow market did trigger various events of low volume price erosion; dips were however duly capitalized mainly in the stocks carrying dividend yields and growth prospects, while some others moving on speculative strength struggled in finding renewed buyers, he added. He was of the view that re-emergence of main board and mid-tier stocks in top ten volume leaders despite negativity and range bound stock specific activity depicts float is placed with comparatively long term participants, most likely from corporate corridors. Rising oil prices, that on one end is a good omen for exploration companies, the impact on fragile economy that will be quite loud, as indeed major economic indicators are likely to hit the alarming levels besides increasing pressures on inflation, thus making substantial rise in local interest rates inevitable, if the conventional formula for interest rate determination continues, thus keeping pressures on economic and financial front, on higher side, he observed.