Led by banking and fertilizer scrips, Karachi stock market on Wednesday closed at fresh all time high on speculations ahead of major earnings announcements due next week.

The KSE 100-index posted a gain of 169.02 points or 0.47%, closing at its all time high of 36056.68 points level. Oil stocks remained weak on falling global crude prices. Higher trades in second and tier stocks on strong valuations supported the bullish sentiments.

Strong earnings outlook in fertilizer, cement and auto sector on record sales data, record earning expectations in the banking sector amid higher banking spreads and gains on government bond prices played a catalyst role in bullish activity at KSE, observed analyst Ahsan Mehanti.

Renewed interest was seen in banking stocks like ABL, BAFL and NBP which closed at their upper limits.

In anticipation of better Jun 2015 results, investors took fresh positions in chemical stocks. As a result, AHCL closed at upper cap while ENGRO, EFERT and FATIMA increased by 1.16%-4.35%, said a sales desk report of Topline brokerage.

Ahmed Saeed Khan at JS Global stated banking sector remained upbeat in anticipation of better 2nd quarter results, where key gainers of the sector were NBP, MCB, UBL and BAHL closing 5%, 3.3%, 1.6% and 2.5% higher respectively. The oil sector remained depressed following declining global oil prices. EFOODS on the back of better margins and volumetric growth continues its positive trajectory to close at Rs171.97. The cement sector remained largely depressed as profit taking was witnessed across the sector.

Traded volume went up by 3% to 621m shares while traded value increased by 17% to Rs16.5b/$161m. Mid cap stocks like LOTCHE, KEL and BOP remained in limelight with traded volumes of 44m shares, 38m shares and 28m shares respectively.

KSE extends PUCARS for all listed companies: The Karachi Stock Exchange has now extended Pakistan Unified Corporate Action Reporting System (PUCARS) for all listed companies w.e.f. August 17, 2015.

The PUCARS was introduced in part on March 17, 2014 with a view to enable the listed companies and issuers of the listed securities to share their price sensitive/ material information simultaneously and transparently in timely manner with minimal human interference.

In the initial phase PUCARS was running in parallel to the conventional Fax To Email Solution System. The same has been made mandatory for all listed companies to use PUCARS w.e.f August 17, 2015 and to ensure that the price sensitive/material information is not disclosed anywhere else before the same is shared with the Exchange.

The listed companies/issuers of listed securities which do not use PUCARS will be considered as noncompliant with the Correspondence Manual and the Exchange reserve its right to take appropriate action against such companies as deemed appropriate in accordance with relevant clauses of Regulations.