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Index surges 194 points on fresh buying

KARACHI — Pakistani stocks yesterday maintained their winning streak for the third session in a row boosted by fresh heavy buying in leading oil and banking shares amid an active trading.The KSe 100-share index ended with an extended gain of 194 points or 1.45 per cent at 13,509.00.

The new oil pricing formula after the end of the $50 per barrel ceiling is said to be the chief inspiring factor behind the oil shares as it would significantly add to their profitability of the oil exploration companies.

The stocks are back on the rails as most of the current investor worries about the future share business outlook and political irritants are fading progressively sans lifting of emergency,analysts said.

"In the changed scenario on the corporate front only fools could miss the current attractively lower levels,notably on the blue chip counters",they said " process of consolidation is now relative to the developing situation".

Foreign investors may still be a bit shaky but among those who could peep into the future and accurately too are around,said a leading analyst.

The KSE 100-share index posted a fresh increase of 193.58 points or 1.45 per cent at 13,508.98 as compared to13,315.42 a day earlier as leading base shares rose further higher.The KSE 30-share index on the other hand showed a bigger rise of 344.96 points at 16,205.72.

Along with the current favourites in the oil and banking sectors,low-priced cement shares and some others also joined the rank of active "buys"and added to the inherent strength of the current rally,floor brokers said.

Trading volume is progressively rising to a respectable total and amounted to 260 million shares as compared to previous 206 million shares, reflecting the investor confidence. Out of the total 369 actives, 244 ended higher, while 103 fell with 22 shares holding on to the last levels.

OGDC again topped the list of most actives, steady by 50 paisa at Rs.120.40 on 33 million shares followed by Arif Habib Securities, higher by Rs7.00 at Rs169.00 on 20 million shares,Pakistan Cement,firm by 70 paisa at Rs10.90 on 16 million shares, and TRG Pakistan,steady by 25 paisa at Rs13.05 on 15 million shares.

Pakistan Petroleum led the other actives,higher by Rs3.85 at Rs249.10 on 12 million shares, D.G.Khan Cement, up by Rs2.60 at Rs91.50 on 11 million shares, Pakistan Oilfields, higher by Rs6.25 at Rs337.00 also on 11 million shares and National Bank, up Rs2.40 at Rs238.00 on 8 million shares.