KARACHI - Led by cement, fertilizer and oil scrips, stocks touched fresh highs on Monday. Pakistan Stock Exchange 100-share index gained 29.85 points to close at 36,723.35 points.

Market opened on a negative note as the index fell to make an intra-day low of 36,433 points but heavy buying was witnessed during the late hours, as the index recovered to close at 36,723, dealers said.

Bears dominated the banking sector as SBP reduced discount rate by 25 basis points in the latest MPS announced on Saturday. Major laggards of the aforementioned sector were MCB (down 5%), HBL (2.80%) and UBL (2.61%). PPL (0.28%) continued its upward trajectory on the back of the news that the E&P company got the lease of Sui field for another 10 years and as well as on the back of hydrocarbon discovery from exploratory well Kotri X1 in Kotri Block on Friday. Correction continued in scrips expected to be part of MSCI emerging market index, as HUBC (2.90%), ENGRO (1.83%) and FFC (1.48%) gained to close in the green zone, commented analyst Arhum Ghous at JS Global.

Average daily volumes declined by 33% to 266m shares, whereas average traded value was down 7% as focus shifted towards future roll over. KEL remained the volume leader with total shares volume of 49.9m shares, followed by Sui North Gas with 19.6m shares and Jah.Sidd.Co with 17.5m shares.

Foreigners remained net sellers of $4.5m as gross buying stood at $10.2m and gross selling stood at $14.6m.