KARACHI, July 31: There was a burst of activity on the Karachi stock market on Tuesday, which pushed the KSE-100 index up by 65.46 points to close at 14,577 points. It was a refreshing change from several days of dismal trading within a narrow range and largely a flat closing.

But the trading seemed to be in select stocks as investors considered caution better part of valour. The upswing in benchmark was triggered by the heavyweight OGDC, which initially lifted the index up by around 40 points by sizeable gains, though the stock withdrew by the end of trading.

A reason that rejuvenated buying interest was the near-term possibility of receipt of the stalled $1.12 billion from the US in Coalition Support Fund. The pleasant surprise on Tuesday was also the heavy net purchase of $2.02 million worth equity by foreign investors.

Local institutional investors also went into buying, albeit in small amounts. Individual stock holders however sold $2.49 million worth shares.

Ahsan Mehanti at Arif Habib Corp commented that stocks closed higher amid institutional interest in oversold market. Investors took positions in shares across the board on hopes for release of $1.12 billion payment from the US.

Strong earnings outlook from upcoming results, record earning announcement by Fauji Fertiliser and renewed foreign interest in blue chip stocks played a catalyst role in bullish sentiments in stocks at KSE despite concerns for macroeconomic conditions and uncertain global markets.

Hasnain Asghar Ali, COO at Escorts Capital, stated that in spite of the hues and cries on economic financial and power supply concerns that had kept the turnover on lower side, the presence of renewed buyers on marginal declines kept the benchmark in a consolidation phase.

Low quantum gains in index-heavyweights mainly from E&P sector, kept the index in green zone. Closing at improved rates on the last session of the month was encouraging.

Front line banking stocks mainly on earnings sensation succeeded in inviting accumulation, mainly from local corporate circuits thus allowing the index to touch 14,600 psychological levels. The other volume leaders, mainly from cement sector, stayed in red zone, but managed to invite buyers on intervals.

Various stocks having the potential of trading at improved levels were in for speculative and volumetric activity and maintain gains mainly on corporate announcements. Fertiliser stocks were up on substantial increase in the urea off-take.

However various companies were believed to be struggling to report improved sales, due to gas supply cuts and inventory mismanagement.

Such companies invited renewed selling, while stock swapping stayed prominent.

The KSE-30 index rose by 39.79 points to 12,607.26 points. Turnover improved by 5 per cent in terms of volume of shares traded to 78 million shares, from 82 million shares the earlier day. Trading value on the other hand saw nominal 2 per cent decrease to Rs3.076 billion on Tuesday, from Rs3.152 billion the previous day.

Market capitalisation witnessed addition of Rs17 billion to Rs3.724 trillion, from Rs3.707 trillion on Monday. In a total of 284 stocks that came up for trading, 158 were gainers, 100 losers and 26 remained unchanged.

On the active list, Arif Habib Corp recorded the highest turnover of 10m shares, down by 70 paisa to Rs33.00. Bank Alfalah stood at second place with trading in 6m shares, which slipped 8 paisa to Rs18.81.

D.G. Khan Cement gave up 11 paisa to Rs46.21 on 6m shares. NBP gained 91 paisa to Rs46.61 on 5m shares, Fauji Cement climbed 21 paisa to Rs6.15 on 5m shares, Jah Sidd Co declined by 52 paisa to Rs15.34 on 4m shares and Engro Foods gathered 67 paisa to Rs70.84 on 4m shares.

PTCL added 13 paisa to Rs14 on 3m shares, Maple Leaf Cement shed 16 paisa to Rs6.36 on 3m shares and Engro Corporation plunged by Rs2.23 to Rs93.81 on 2m shares.