KARACHI

Mixed activity was seen in local bourse on Thursday and the KSE-100 Index appreciated 54 points to close at 35,730 points or 0.15pc.

Volume inched up by 21pc to 428m shares, whereas value jumped by 4pc to Rs.14.4b/ $141m. OGDC discovery in Chak Naurang South-1, Chakwal Block, attract investor as they build their positions in Index heavy weight stocks like, OGDC and PPL up by 2.2 pc and 3.5 pc respectively.

Renewed interest was seen in banking and gas distribution companies as HBL, UBL, SSGC and SNGP were up by 2.2pc, 0.92pc, 3.1pc and 3.4pc respectively.

FFC announced its below market consensus 1H2015 results which resulted some profit-taking in FFC as FFC down by 4.1pc close to their lower limit.

Analyst Ahsan Mehanti at Arif Habib Corp stated, stocks closed higher led by oil scrips after recovery in WTI crude prices near to $49/barrel and expectations for release of next IMF tranche following ongoing eight review under Extended Fund Facility.

Late session profit-taking amid below expected announcement by Fauji Fertilizers and pending non-filer bank depositors’ withholding tax issue impacted the sentiments during bullish rally at KSE.

Analyst Ahmed Saeed Khan at JS Global observed, after FFC decline 4.2pc announced lower than expected financial results the whole sector took a nose dive. FFBL and Fatima were down 3.8pc and 0.3pc respectively. Profit-taking was witnessed in the cement sector. Selling pressure started in the second half, dragging the index in red. Major laggards of the sector were PIOC down by 2.4pc, CHCC 1.6pc and MLCF 2.1pc respectively.

On the back of slight recovery in the international crude oil prices, oil sector witnessed positive sentiments. PSO, PPL, POL and APL closed 1.4pc, 3.2pc, 3.4pc and 1.5pc higher respectively. Engro and Attock group companies continued with their positivity to extend gains.