KARACHI - Stocks closed higher, led by selected oil and banking stocks on strong valuations. Institutional support continued amid thin activity on uncertainty in global stocks and commodities.
At local equity market, the bench mark KSE 100-share index gained 67.35 points or 0.31 per cent to end the day at 21875.83 points as compared to 21808.48 points of the previous day.
An analyst said cautious activity was witnessed ahead of approval for $6.6b IMF loan and announcements on Sep 13 regarding SBP rate review.
Investors awaited key decisions on planned targeted operation in Karachi in cabinet meeting to ease security unrest in the city.
KSE allshare-index gained 32.22 pints or 0.20 percent to finish the day at 15779.39 points, KSE 30-share index decreased by 1.14 points or 0.01 percent to end the day at 17008.20 points while KMI 30-share index decreased by 66.59 points or 0.18 percent to conclude the session at 37476.50 points.
Market traded 149.489 million shares after opening at 169.475 million shares and the value of traded shares reduced to Rs 5.615 billion from Rs 5.996 billion capitalization of the equity market maintained at Rs 5.423 trillion from Rs 5.417 of a day earlier.
Led by PSO market continued its recovery though volumes remained low. Cement sector remained under pressure after DGKC announces initiation of green field project at HUB.
This news created an impression that it may create uncertainty regarding sustainability of cement cartel, dealer observed. As a result most of the cement stocks like KOHC, CHCC, PIOC and MLCF closed at lower limit. Fauji Cement remained the volume leader with 18.6 million shares exchanging hands while share price dropped by 3%. Followed by Maple Leaf and Nimir Chemical with 15 million and 11 million shares volume respectively, she added. Out of 325 companies 125 closed in positive and 182 in negative while the values of 18 stocks remained intact.
Nestle Pak was biggest price gainer of the day, up by Rs 185 to Rs 6150, followed by Rafhan MaizeXD, increased by Rs 50 to Rs 4650. Unilever Food and Siemens Pakistan were the top losers of the day, decreased by Rs 50 to Rs 5000 and Rs 45.83 to Rs 870.92.
Fauji Cement was the top traded company of the day with 18.600 million shares as it closed at Rs 12.58 after opening at Rs 12.99. It was followed by Maple Leaf Cement with 15.279 million shares, shed Rs 1.09 to Rs 21.05, Nimir Ind.Chemicals with 10.859 million shares, grew by Re 0.36 to Rs 5.55, D.G.K Cement with 7.451 million shares, off by Rs 1.05 to Rs 73.20 and BOP with 6.672 million shares shed by Re 0.08 to Rs 11.94.