KARACHI - Stocks closed at new all-time high amid thin trade in the earnings announcement session at KSE led by oil, banking and fertilizer stocks on strong valuations.
At local equity market benchmark KSE-100 share index added 290.19 points or 1.28 percent to stop the day at 23037.32 points compared to 22747.13 points of the previous day.  Dealers said after a breather market continued its bull run mainly led by Engro Corp. The company announced today that they will be getting more gas from Guddu that helped the stocks to reach 5pc upper limit. Index heavy weight oil stocks OGDC, PPL, POL and PSO also remained investors’ favourite.
KSE-Allshare index increased by 206.67 points or 1.29 percent to close the day at 16273.85 points, KSE-30 share index grew by 256.66 points or 1.45 percent to close the day at 17990.10 points while KMI-30 share index extended by 376.76 points or 0.95 percent to close the day at 40215.49 points.
Analysts said higher international oil prices, resumption of gas supply for Engro fertilizer, speculations on expected receipt of $800 million from Etisilat and early resolutions of circular debt issues in energy sector played a catalyst role in bullish activity at KSE despite concerns for security unrest in the city. Trading took place in 334 companies where gainers held a strong lead over the losers 228 to 83 while the value of 23 stocks remained intact.
The day turn over of stock market in term of shares was 125.403 million compared to 174.250 million shares of the previous day. Value of traded shares was reduced to Rs 6.519 billion from Rs 10.631 billion and the capitalisation of equity market maintained at Rs 5.597 trillion after opening at Rs 5.526 trillion of yesterday.
Active list was again topped by PIAC(A) with 14.532 million shares up by Re 0.88 to Rs 9.87. Bank Al-Falah was on the second position with 10.705 million shares as it closed at Rs 20.58 after opening at Rs 19.68. .It was followed by Fauji Cement with 9.273 million shares increased by Re 0.16 to Rs 14.20, Maple Leaf Cement with 7.678 million shares higher by Re 0.85 to Rs 25.10 and Engro Polymer with 4.786 million shares enlarged by Re 0.61 to Rs 25.10.
Unilever Food was the biggest price gainer of the day up Rs 176 to Rs 5305 followed by Rs 79 to Rs 1780. Pak Services and Sapphire Fiber were the biggest losers of the day decreased by Rs 14 to Rs 273.13 and Rs 9.79 to Rs 186.17.
Equity dealer Samar Iqbal in a weekly review said market remained bullish during the week to close above 23,000 points mark for the first time ever by gaining 3.8pc WoW. Volumes also increased by 30pc to Rs.12b. However volumes declined in last 2 trading session due to short trading timings for the month of Ramadan. However, positive statement by rating agency Moody’s, gain in global equity markets and support from local institutions kept the sentiment positive. Gas distributors rallied on the back of favorable decision by the court on their loss formula. Small and mid size IPPs remained in the limelight after huge dividend announcement by Kohinoor Energy after receiving payments on account of circular debt.