KARACHI - Pakistan Stock Exchange on Tuesday staged recovery as the 100-index gained 329.78 points (0.95%) to close at 34,897.30 points, led by OGDC and banking stocks. Rumors are that OGDC is now Shariah-compliant, which led the stock to close at its upper limit, brokers said.

Market opened on a negative note and made an intra-day low of 93 points but recovered during the later hours on the back of rally in the banking and E&P sector.

Banking sector attracted investor interest on the back of inflation numbers released by PBS on Monday which clocked in at 4.17% (higher than expected). Heavy weights in the sector like HBL (1.57%), UBL (2.41%) and MCB (2.47%) gained to close in the green zone, stated analyst Arhum Ghous.

In E&P sector, OGDC was the volume leader as it gained to close near its upper circuit. Recovery was seen in the cement sector, as FCCL (1.70%), MLCF (1.07%) and DGKC (1.67%) increased in value from their previous day close, dealers said.

MUGHAL (1.07%) gained on the back of the news that steel manufacturer is all set to launch earthquake resistant steel product by the name of Supreme due to be launched by the second week of May, market analyst added. Volume increased by 6.4% to 197m shares while value also increased by 31% to Rs 9.2b/88$m.

Cement stocks gained as renewed interest was observed. DGKC, MLCF and FCCL gained by 1.6%, 1% and 1.7% respectively, brokers said.