Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the bullish rally in the local stock markets led by the positive announcements of financial results of corporate sectors especially Nishat Mills (NML).

He said that NML announced its unconsolidated financial year 2011 earning per share (EPS) of Rs13.8 as compared to EPS of Rs8.3 in same period last year, up by 66 percent and the result was also accompanied by final cash payout of Rs3.3 per share.

He further added that the investors were expecting financial results of Pakistan Oilfields Limited (POL), with EPS of Rs12.2 per share in the 4th quarter of financial year 2011 translating into full year earnings of Rs.45.3 per share, to be announced on September 11 for financial year 2011.

Stock Analyst and member, Association for Investors' awareness, Faheem Akhtar said that the rumours of exemption of capital gain tax (CGT) caused positive sentiments in the local equity markets.

He said that NML, NBP, Netsol and Engro-foods closed hitting upper cap limits with NBP remained the volume leader while oil sector and banking stocks contributed mostly to the index gains.

Total shares traded were 17,725, which were down by 54,074 shares as compared to previous day's trading.

Out of 141 companies, the price of 81 was increased while the price of 60 decreased.

The price of top gainer Unilever Pakistan was increased by Rs37.50 while the price of top loser Siemens Engineering decreased by Rs20.00.

National Bank Pakistan, Fauji Fertilizer Bin Qasim and Engro Corporationwere remained volume leaders on Tuesday, with volume of 8,205,4,000 and 3,020 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011