KARACHI : Upward trend continued at the stock market on Friday as the benchmark 100-index gained another 215.65 points (up 0.63%) to close at 34,719.29 points.

“Positivity in yesterday’s session can be attributed to a rally in banking sector, as the sector continued its upward trajectory on the back of better-than-expected 1QFY16 results. Heavyweights such as HBL and MCB in the aforementioned sector gained to close on their respective upper circuit,” dealers said.

OGDC (0.98%), POL (1.23%) and PPL (0.34%) in the E&P sector gained to close in the green zone, as crude oil prices gained to trade above $46/bbl level. PSO (down 1.79%) came under selling pressure after the oil marketing company declared a loss of Rs7.85/share in its 3QFY16 result versus market expectation of Rs3.18 per share earnings. FFBL (up 4.43%) gained on the back of material information disseminated in the market, stated analyst Arhum Ghous. Volume decreased by 6% to 254m shares whereas value also declined by 8.2% to Rs 13.3b/127$m.

Disappointing result by PSO was announced with LPS of 7.85/share which led the stock to decline by 1.6%. News of reduction in feed gas prices for fertilizer companies led the FFBL and FFC to close up by 4.4% and 1.4% respectively, brokers said.