Stock market gains 113 points

KARACHI - The Karachi stock market closed higher on Tuesday on the back of a strong recovery in oversold market influenced by institutional and renewed foreign interests in the scrips of the blue chip companies. The benchmark KSE 100-index gained 112.92 points to close at 11,488.06 points. The same index had closed at the level of 11,375.14 on Monday. Market turnover slightly increased to 62.27 million shares from 58.53 million shares traded previously. KSE capitalization amounted to Rs11, 488.06 billion or $3,064.19 while the trading value was recorded at Rs3.23 billion or $37.76 million respectively. The KSE 30-index surged by 92.82 points or 0.84 percent to close at the level of 11,178.34. KSE future volume came at 2.39 million shares and its value was at Rs354.44 million with the spread rate of 9.63 percent. Rising global capital markets, US Brent crude oil trading over $115 a barrel and higher global commodity prices have invited investor interest in scrips across the board despite rising political uncertainty and law and order concerns in the city, according to a market expert. Meanwhile a report issued by Topeline Research yesterday stated that the recommended top five picks including Engro Corporation, Pakistan Oilfields Limited Hub Power Company Limited, and National Bank of Pakistan, Nishat Mills Limited and DG Khan Cement have outperformed the market in the last 11 trading sessions as all these companies posted above-market return except DGKC. With double digit earnings growth and news regarding listing of its subsidiaries, Engro Corporation yielded highest return of 21 percent in the period under review. This is followed by POL which posted 10 percent return amid higher oil prices and volume led earnings growth.