Pakistan stocks barrelled to a record closing Tuesday on a massive buying spree in oil and construction sectors, analysts said, according to dpa. The Karachi Stock Exchange's key KSE-100 index rose to 15,538 points, the highest ever level as investors thought the country's energy and construction sectors were still undervalued. "We have seen massive buying in oil sectors particularly in (state-owned) Oil and Gas Development Corp. (OGDCL) and Pakistan Oil Fields," Khurram Shehzad, equity trader at Invest Cap Securities, said. Shehzad said record high international oil prices have made Pakistan's oil companies very attractive. The construction sector has also seen a bullish trend and kept the market firm. According to analysts, heavy domestic and foreign institutional buying was witnessed in Pace Construction which has around 20 billion rupees (317 million dollars) of projects up in its sleeve and has also recently launched a successful Sukok (Islamic) bond of around 2 billion rupees. "The reports that Pace would soon be listed on the Dubai Stock Exchange also soared its share prices and attracted a lot of buying," said Mohammad Imran at First Capital. Besides energy and construction the fertilizer sector also rose amid food shortages and demand for both agriculture commodities and agriculture support products. Meanwhile, the overall turnover was little less at 142 million as compared with Monday's 160 million. "This shows the buying was selective and the overall interest was missing," says Siddiq Dallal and Dallal Securities.
