KARACHI, Sept 19: Stocks ended higher on Wednesday led by the heavyweight Oil and Gas Development Company following news reports of ENI’s gas discovery.

ENI made a successful discovery at Badhra fields and during the production test the initial flow from two reservoirs of Badhra wells indicate gas production of about 25mmcfd and 35 mmcfd cumulating total production from the field of around 65mmcfd. OGDCL has a 20 per cent stake in the asset and analysts estimate the annualised EPS impact to be from 15 to 20 paisa. OGDC ended with Rs1.37 gain at Rs183.06.

The KSE 100-index ended 0.46 per cent, or 71.47 points, higher at 15,588.66 points. Volume increased to 131.86 million shares compared with 128.68 million shares traded on Tuesday. Trading value also increased by Rs811 million to 5.341 billion from Rs4.53 billion the previous day. Market capitalisation marginally rose to Rs3.948 trillion from Rs3.941 trillion a day earlier.

Brokers also said investors took fresh positions after some positive news on the country’s macroeconomic front.

“Positive sentiment spilled over from Tuesday, with a sizeable Current Account surplus easing balance of payment concerns and strengthening calls for further monetary easing,” said Raza Jafri, head of research at AKD Securities.

Pakistan’s external accounts showed some sign of relief by posting surplus in current account of $919m for the first two months of 2012-13, compared with a deficit of $261 million in the same period last year, which could give the State Bank room to further ease the monetary policy which is due to be unveiled next month.

Dealers said that the KSE-100 index crossing the psychological barrier of 15,600 points was a positive step but it would take a few days for the market to close above that level. The index made an intra-day high at 15,616.09 but cautious investors opted to book profits at that level.

The market is also hovering close to its all-time high of 15,737 points, made on April 2008, which is making some investors a bit jittery.

Foreign investors bought shares worth $2.02 million on Wednesday, compared with $1.5 million on Tuesday, while mutual funds were the major sellers of equity worth $2.5 million.

Sentiment was also lifted as US markets edged higher on Wednesday as equities continue to churn in the wake of a central bank-driven rally, with gains in housing-related stocks outweighing weakness in energy.

The market capitalisation based KSE-30 index gained 0.04 per cent, or 5.14 points, to end at 13,177.78 points. Out of the 333 companies traded, 171 companies advanced, 140 declined, while the value of 22 companies remained unchanged.

Mitchell’s Fruit witnessed the highest increase of RS10 to close at Rs331, followed by Island textile which rose Rs7.90 to Rs280. While Rafhan Maize witnessed the largest decline of Rs173.56 to Rs4,451.44, followed by Siemens Pakistan which fell Rs22.11 to end at Rs919.07.

In the top ten most active scrips, PTCLA was the volume leader with 9.94 million shares, up 32 paisa at Rs19.87, Jahangir Siddiqui Co gained 22 paisa to Rs14.06 on turnover of 8.63 million shares, NIB Bank rose 16 paisa to close at Rs2.64 on 8.6 million shares.

Engro Corp increased 31 paisa to Rs108.16 on 7.43 million shares, Fatima Fertiliser up 13 paisa to Rs24.42 on 6.59 million shares, WorldCall Telecom up three paisa to Rs3.15 on 5.2 million shares, Telecard Ltd ended flat at Rs3.34 on 4.37 million shares.

BankIslami gained 16 paisa to Rs9.49 on 3.74 million shares, Nishat Mills Ltd shed Rs1.72 to Rs58.05 on 3.71 million shares and Fauji Cement fell 10 paisa to close at Rs6.22 on 3.66 million shares.