KARACHI - Stocks closed higher led by banking stocks on higher spreads. The benchmark KSE 100-share index posted a fresh gain of 74.64 points or 0.32 per cent to end the day at 23242.68 points as compared to 23168.04 points of the last working day on Friday.
Analyst at Arif Habib Ahsan Mehanti said trade remained higher amid consolidation post major earning announcements at KSE. Higher global commodities and stocks impacted the sentiments. Hopes for patch up in APCMA for cement sector to manage with higher energy costs, improved Pak-IMF relations for economic reforms after $6.68b EFF and hopes for easing political concerns in the province played a catalyst role in bullish activity at KSE.
KSE allshare-index added 93.68 points or 0.56 percent to end the day at 16694.18 points, KSE 30-share index increased by 66.55 points or 0.37 percent to close the day at 17956.93 points while KMI 30-share index shed 418.94 points or 1.05 per cent to conclude the session at 39545.97 points.
Market traded 242.848 million shares on Monday after opening at 191.672 million shares and the value of traded shares climbed to Rs 8.476 billion from Rs 6.157 billion. Capitalization of the market maintained at Rs 5.510 trillion compared to Rs 5.483 trillion of the previous session.
Trading took place in 332 companies where losers outnumbered the gainers by 166 to 145 while the values of 21 stocks remained intact. Siemens Pakistan and Island Textile were the biggest price gainers of the day, up by Rs 45.32 to Rs 956.76 and Rs 32.64 to Rs 832.64. Sanofi-Aventis and Treet Corporat were the top losers of the day, down by Rs 27.20 to Rs 516.80 and Rs 12.28 to Rs 233.51.
Equity dealer Samar Iqbal said supported by banking stocks benchmark index gained 75 points. Though majority of the oil, cement and textile stocks fell due to 50bps increase in policy rate by State Bank but strong rally in banking stocks resulted in index posting a decent return. Investors sold shares in leverage stocks like cements and textiles while they took fresh positions in the banking stocks in the hope that rising interest rate will increase their profitability.
Cement sector remained volatile due to conflicting information coming out from cement manufacturers.
Bank of Punjab led the volume with 42.203 million shares as it closed at Rs 13.09 after opening at Rs 12.09. Maple Leaf Cement was on the second position with 20.954 million shares, up by Re 0.50 to Rs 26.28. It was followed by Fauji Cement with 19.400 million shares, grew by Re 0.05 to Rs 14.06, Bank Al-Falah with 14.310 million shares, enlarged by Re 0.90 to Rs 22.44 and Dera Ghazi Khan Cement with 12.854 million shares, off by Re 0.15 to Rs 77.40 respectively.