KARACHI: The stock market on Wednesday remained in a bullish frame of mind as investors continued to build up long positions on the oil and fertiliser counters on reports of higher earnings amid a briskly traded session.
The KSE 100-share index added another 242.56 points at 11,547.72, adding Rs61 billion to the market capital at Rs2,998.901 as compared to 11,305.16 a day earlier thanks to strong selective support.
The major contribution in the galloping index was heavy buying in the OGDC which rose by another Rs7 and added over 112 points alone in the total being index-heavy.
`It has recovered a major portion of the losses suffered during the last couple of sessions on some adverse comments on new gas find,` analysts said. `But as the reports were verified, the new oil and gas finds were of the higherorder and that triggered buystops in it`.
They said for the last couple of sessions, it has been star performer and carrying along with the entire market to its prereaction levels amid brisk two-way activity.
Market sources said interim board meetings of some of the leading companies were due by the end of the current month and expectations of high dividends continued to inspire fresh support.Fertiliser shares, notably Engro Corporation, were also among the major contributors to the current run-up and so were some of the leading food shares under the lead of Nestle Pakistan and Unilever Pakistan.
Leading gainers were led byUnilever Pakistan and Nestle Pakistan, up Rs243.49 and Rs133.81, while among the top losers Wyeth Pakistan and Unilever Foods were prominent, off by Rs24.56 and Rs22.00 respectively.
Traded volume showed fresh rise and amounted to 83.732m sharesfrom the previous 53m shares as gainers held a strong lead over the losers at 158 to 69, with 113 shares holding on to the last levels.
The active list was led by Sui Northern Gas, steady by two paisa at Rs16 on 6.889m shares followed by Fauji Fertiliser Bin Qasim, high-er by Rs2.17 at Rs46.74 on 6m shares, National Bank, lower 39 paisa at Rs42.11 on 5.344m shares, Engro Corporation, higher by Rs3.33 at Rs103.78 on 5.285m shares, Fatima Fertiliser, firm by six paisa at Rs23.28 on 4.561m shares, D.G. Khan Cement, lower 14 paisa at Rs20.20 on 3.799m shares, and Nishat Mills, up Rs1.36 at Rs42.73 on 3.548m shares.
They were followed byFauji Fertiliser, firm by 86 paisa at Rs166.03 on 3.450m shares, Lotte Pakistan, steady by 10 paisa at Rs10.12 on 3.138m shares and Kot Addu Power, firm by four paisa at Rs40.01 on 2.702m shares.
FUTURE CONTRACTS: Engro Corporation led the list of activeson this counter on strong support followed by reports of strong earnings and was quoted further higher by Rs3.33 at Rs104.21 on 1.936m shares followed by National Bank, lower 34 paisa at Rs42.26 on 1.830m shares and Fauji Fertiliser Bin Qasim, steady by 76 paisa at Rs46.91 on 1.599m shares.
They were followed by Fauji Fertiliser, up 78 paisa at Rs167.40 on 0.945m shares and Attock Refinery, firm by 51 paisa at Rs110.15 on 0.661m shares.
DEFAULTER COMPANIES: Much of the activity again remained confined to Dost Steels, up 10 paisa at Rs1.22 on 25,287 shares followed by Dadabhoy Cement, easy 27 paisa at Rs1.45 on 5,004 shares and Shakarganj Foods and Shahpur Textiles, up 55 paisa and unchanged at Rs5.55 and Rs0.19 on 2,000 shares each. Others were fractionally traded.