KARACHI: Bulls finally return to the market on Wednesday led by banking and cement scrips on healthy corporate earning announcements at KSE.

The KSE-100 Index posted a gain of 217.59 points or 0.64% to settle at 34,061.42 points level.

After closing negatively in the last five sessions, Pakistan’s benchmark index took a breather, driven by better than anticipated result and smooth roll-over, observed analysts at Topline brokerage.

PSO announced outstanding 1QFY16 result, which pushed the stock to close at its upper limit.

Moreover, DGKC and NBP also announced better than expected Sep Quarter results, enabling the socks to close up by 1.7% and 1.3% respectively.

Traded volume today increased by 29% to 163mn shares while traded value increased by 16% to Rs.9.3bn/US$88mn.

Uncertainty in global commodities invited late session profit taking in oil, fertilizers and textile stocks. Trade remained in leverage stocks amid falling borrowing costs and hopes for upbeat CPI Inflation data for Oct'15 played a catalyst role in positive close, stated analyst Ahsan Mehanti.

An overall rally was witnessed in the market on the back of better than expected results in the Fertilizer, Cements and Banking sectors. FFC up 2.5% announced its result today declaring an EPS of Rs10.14. After the announcement of the result the sector rallied closing EFERT, FFBL and ENGRO up 0.22%, 1.53% and rose 0.40% respectively. A rally was seen in PSO up 5.0% as it announced an EPS of Rs11.97, resultantly a rally was triggered and shortly the scrip hit its upper limit, commented analyst Ahmed Saeed Khan.

After better than expected results announced by the banking sector today, rally was seen in the sector where the big five banks closed comfortably in the green zone, while top performers in the sector today were ABL up 2.73%, FABL by 2.69% and NBP up 1.35% respectively.

Ends