KARACHI

Positive news flow from MSCI to start reviewing process of Pakistani market to upgrade Pakistan from Frontier to Emerging market, helped market to gain 54 points or 0.16pc up to close at 34323.84 points level on Wednesday.

The oil sector remained upbeat as international crude oil prices traded near $61/bbl, where top performers of the day were ATRL higher 2.94, PPL 1.21 and POL 2.14pc respectively. POL rallied in the last half an hour as a notice issued to KSE announced oil and gas discovery at Makori East 4, which is likely to have a positive earnings impact of Rs2.4/share on POL. With the exception of LUCK and CHCC, profit-taking was witnessed throughout the cements sector, stated analyst Ahmed Saeed Khan.

Announcement of new well discovery in TAL block magnetize investor interest in oil stocks, on the back of it POL up by 2.47pc OGDC gained by 1.56pc and PPL rallied 1.47pc. The market witness slight drop in volume by 17pc (332m shares), value of Rs.15b/ $147m is also declined by 16pc compared with yesterday. Renewed interest was seen in consumer stocks like, EFOOD and FFBL closed at 5pc limit up, as so much investor interest in upcoming book building of AL-Sheer Corporation.

Heavy volume was seen in BYCO 25m shares traded, followed by PTC 21m shares and KEL 20m shares changed hands.

Analyst Ahsan Mehanti said stocks closed higher in late session buying spree for speculations on Pakistan Capital Market potential inclusion for Emerging Market Index category in the MSCI 2016 Annual Market Classification Review.

The post budget session was led by second and third tier scrips likely to offer higher dividend payouts and earnings on new federal budget proposals. Rise in global crude prices and higher investor participation in fresh IPOs played a catalyst role in bullish sentiments at KSE.