KARACHI, Nov 7: Stocks rose to a fresh record, closing on an all time high on Wednesday as investors took positions in oil and banking stocks following re-election of US President Barack Obama which they feel is positive for Pakistan on easing economic concerns as policies are likely to remain unchanged.

“President Obama’s re-election is a positive signal for Pakistan and will ease concerns over any radical shift in US administration policy in the region. The positive momentum following the August 2012 opening up of the NATO supply lines and release of $1.2 billion of Coalition Support Fund (CSF) will carry forward. This has given markets confidence and has played a key part in stabilising Pakistan’s balance of payments position, leading to ease in inflation and rally in the capital markets,” said Sayem Ali, senior economist at Standard Chartered Pakistan.

“Critical for Pakistan is the next disbursement of $600 million expected before end of 2012 and the re-election of President Obama should remove any unanticipated delays in the release of these funds.”

The KSE 100-share index ended 1.04 per cent, or 166.87 points higher at 16,218.01 points. It made a new peak at 16,243.73 points.

Turnover increased to 158.55 million shares, compared with 129.04 million shares traded on Tuesday. Trading value also rose by almost Rs2 billion to Rs6.45 billion from Rs4.57 billion the previous trading session.

Market capitalisation stood at Rs4.05 trillion, higher than Tuesday’s capitalisation of Rs3.99 trillion.

Exploration and production (E&P) and banking stocks stayed prominent gainers while reshuffling in cement stocks kept sector stocks in the volume leaders list,” said Hasnain Asghar Ali from Escorts Capital.

Though the energy stocks were not in the top 10 volume list, they did, however, play an active role in helping the index achieve two milestones.

The heaviest weighted company on the index, Oil and Gas Development Co Ltd, rose Rs3.04 to close at Rs189.72, while blue chip Pakistan Petroleum Ltd gained Rs2.19 to Rs179.

Dealers said selling continued in the cement sector after lower than expected cement dispatches in October and also on speculation on reduced prices.

“Some profit taking was seen in cement stocks due to speculation that few companies have reduced their cement price in the north,” said Samar Iqbal, a dealer at Topline Securities Ltd.

Foreigners were active buyers as they bought shares worth a net $2.74 million, after selling shares worth a net $115,937 on Tuesday.

Banks were the major buyers with equity worth over $10 million.

The market capitalisation based KSE 30-index gained 0.96 per cent, or 126.53 points, to close at 13,326.10 points.

Out of the 334 companies traded, the value of 188 increased, 112 decreased, while 34 remained unchanged.

The biggest gainers and losers were again the high-priced stocks. On the plus side, Unilever Pakistan was up by Rs174.49 to Rs9,774.99, followed by Nestle Pakistan which was up by Rs139.99 to Rs4,699.99. On the declining side, Rafhan Maize lost Rs188 to Rs3,572 and Bata Pakistan decreased by Rs26 to Rs1,380.

The list of volume leaders included mainly middle tier shares: DG Khan Cement, which fell 60 paisa to Rs52.68 on turnover of 12.31 million shares, Engro Foods rose Rs3.83 to Rs80.43 on 10.80 million shares and Maple Leaf Cement gained 17 paisa to Rs10.17 on 10.17 million shares.

Fauji Cement shed 10 paisa to Rs6.60 on 8.29 million shares, Bank Al-Falah rose 28 paisa to Rs15.92 on 7.16 million shares and Bank of Punjab gained 23 paisa to Rs8.51 on turnover of 6.7 million shares.

JS Growth Fund ended 57 paisa higher at Rs8.41 on 5.48 million shares, Engro Corp rose Rs1.40 to Rs95.96 on 5.15 million shares and National Bank of Pakistan gained 89 paisa to Rs47.31 on 4.34 million shares.

Fauji Fertiliser Bin Qasim ended 3 paisa lower at Rs39.84 on 4 million shares.