Oils Fuel 100-Index Up

After Dubai debt storm blew away stocks value at the Karachi Stock Exchange (KSE) Tuesday, bulls made a strong come back Wednesday as the main index gained 75 points on buying in oil stocks.

The benchmark KSE 100-Index surged by 74.66 points or 0.83 per cent to close at 9,087.70 levels, KSE 30-Index gained 88.43 points or 0.93 per cent to end at 9,571.35 levels, whereas KSE All Share Index piled up 53.55 points or 0.84 per cent to finish at 6,453.43 levels.

Trading activities started on a positive note with main index piling up 47 points in the beginning. Gains were then gradually increased as investors took positions mainly in oil stocks due to higher international oil prices while some support was also seen in a number of banking and fertiliser stocks. Therefore index at about 1056 PST touched its intraday high of 9,132 points (+ve 119 points). However, some profit-taking witnessed at higher levels which reduced the index gains and it failed to sustain 9,100 levels at the end of the day.

Investor participation saw a marginal improvement as 92.3 million shares were traded Wednesday as compared to a turnover of 89.8 million shares of Tuesday, depicting an increment by 2.5 million shares.

Out of total 363 active issues, 202 advanced and 146 declined while 15 issues remained unchanged.