Earlier yesterday, bulls marked a tentative return as the index stood at 33,839.28 points, registering an increase of 0.91% or 305.64 points.
Elixir Securities analyst Faisal Bilwani said oil names, led by exploration and production companies, opened a gap up after the surge in global crude with Oil and Gas Development Company (OGDC PA +5%) hitting the upper price limit and recording its highest gain in the last six months.
“Pakistan Oil fields (POL PA +5%) and Pakistan Petroleum (PPL PA +3.5%) followed suit while ENGRO Corporation (ENGRO PA -0.8%) ended lower for the third consecutive day,” he said.
“Cements traded mixed and the broader market struggled to find direction as locals continue to be very selective ahead of the budget announcement (due first week June) which is expected to tighten grip on tax collection.”
The analyst said the benchmark could test the 34,000-mark with profit taking likely near 34,200 as oil stocks may see an upside of another 2% to 3% from current levels.
“Cements and fertilisers are likely to be in the limelight in the days ahead, however, locals will remain cautious and track political developments as tribunals hear allegations of rigging in the 2013 elections.”
Trade volumes rose to 214 million shares compared to 172 million on Tuesday.
Shares of 362 companies were traded till close of business yesterday. Of these, 191 companies closed higher, 152 saw a decline and 19 remained unchanged. The value of shares traded during the day was Rs11.9 billion.
Pak Elektron was the volume leader with 23.5 million shares, gaining Rs1.87 to close at Rs63.13. It was followed by Byco Petroleum with 15.2 million shares, gaining Rs0.79 to close at Rs12.42 and K-Electric Limited with 13.9 million shares, losing Rs0.01 to close at Rs7.76.
Foreign institutional investors were net buyers of Rs233 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
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