KARACHI: Stocks remained firm on Wednesday as the KSE-100 index advanced by 173.33 points (0.52 per cent) to settle at 33,376.20.

The steady trend was attributed almost entirely to the strong recovery in international oil prices, which helped add value to the heavyweight oil and gas shares.

Traded volume decreased by 11pc to 132 million shares, while value also declined by 10pc to Rs7.7 billion over the earlier day. Volume leaders were second-tier stocks.

Although the index remained in the positive throughout the session, moving between minimum and maximum gains of 5 and 192 points, foreign investors showed no penchant for even the heavy-weighted stocks and sold shares valued at $2.29m, taking the aggregate year-to-date outflow at $188.38m.

Dealers on the sales desk at brokerage Global Securities commented that altogether, it was a dull day with bullish trend in the oil sector as Brent price rose to $51.92 per barrel, representing strong gains of 7.65pc week-on-week.

Dealers at Topline Securities calculated the oil and gas sector rose by 3.2pc with PSO, OGDCL, PPL and POL rising by 4.6pc, 4.1pc, 4pc and 3.4pc, respectively.

Analysts at JS Global concurred that the positivity was solely due to the oil sector. Cherry-picking continued in the banking sector where three out of five big banks closed marginally positive.

Decline in cement despatches for September 2015 took its toll on the sector, as almost all scrips remained in the red zone throughout the day.

“Moving forward we expect positive sentiments will continue as long as global crude prices are rising on market rumors of global cut in production,” analysts said.

Published in Dawn, October 8th , 2015

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