KARACHI - The Karachi Stock Exchange on Wednesday witnessed modest rally as the benchmark KSE 100-index gained another 27.59 points or 0.22 per cent on account of strong financial accounts being reported by the corporate sector. The index closed higher at the level of 12,483.34 on the same day; however, it had ended at 12,455.75 level on Tuesday. Foreign buying in blue chip oil, banking and fertilizer scrips remained underway at the market. Similarly, deferments pertaining to the decision of the age limit of used cars imports by ECC till its next meeting and rising local cement prices pushed the index up despite weak macroeconomic data and twin blasts, which had taken place in Karachi and Lahore on the occasion of the Chehlum on Tuesday. According to daily stock report, markets total turnover surged to 139.31 million shares from 137.37 million shares traded a day earlier. KSE market capitalisation accounted for Rs3,374.04 billion or $39.28 billion while total ready market value reached Rs5.88 billion or $68.46 million, respectively. The report showed that KSE 30-index ended higher at 12,216.9 level, increasing 37.50 points or 0.31 per cent in the index. KSE future volume recorded 3.03 million shares, future value of the shares traded at the market was Rs373.81 million with spread of 6.16 per cent. Lotte Pakistan PTA, Pace (Pak) Ltd, Fauji Fertilizer Bin Qasim Limited and Fauji Fertilizer Company, and Nishat Power Limited showed heavy earnings yesterday. Positive opening, attained by low volume strength in various main board stocks allowed the benchmark to manage green numbers. The driving force behind the early run-up was certainly the excitement linked to healthy announcements, both earnings and payouts, since decline has been the post result scenario in various main board stocks, wherein even healthy corporate results have failed to invite renewed buying interest, with the main board stocks at saturation levels, said Hasnain Asghar Ali, an analyst at Aziz Fida Husein & Co. (Pvt) Limited. He said LOTPTA singly contributed more then 30 per cent of the total turnover. He further said dull volumes in main board stocks not only made life difficult for the participants opting for switching their holding from January to February forward, thus keeping low volume price erosion quite evident, endorsement of gloomy economic and financial situation by relevant authority allowed the macro economic situation to overpower the positive coffee shop discussions on leverage introduction thus disallowing any aggressive activity, thereby leading to stagnation, and that duly kept nervousness on higher side. Although developments in recent days, such as agreement by the KSE-members on allowing non-broker Chairman is likely to pave way for early introduction of long awaited leverage product, indeed the life line for local bourses, along with appointment of an ex-broker or stock market expert as Chairman, can certainly form a trigger for the local bourses, currently under pressure due to various macro issues and absence of ready board leverage, he added.