KARACHI - Stocks closed higher led by cement and banking stocks on strong valuations.
At local equity market benchmark KSE-100 share index posted a fresh gain of 25.24 points or 0.08 percent to end the day at 30070.13 points compared to 30044.89 points of the last working day on Friday.
Analysts said rising PIB yields, expected rise in cement and fertilizers sales in upper Punjab, strong earnings outlook in auto and pharma sectors due to flood losses played a catalyst role in bullish activity amid concerns for falling revenues of LDI operators in telecom sector.
Falling FDIs, exports data and reports for expected delay in $550m IMF 5th tranche release due to prevailing political crisis impacted the sentiments.
KSE allshare index up by 21.21 points or 0.10 percent to finish the day at 22011.39 points, KSE-30 index added 29.15 points or 0.14 percent to stop the trading at 20796.71 points while KMI-30 index shed by 176.97 points or 0.36 percent to conclude the session at 49170.66 points.
Market traded 132.842 million shares after opening at 167.740 million shares and the value of traded shares was declined to Rs 5.610 billion from Rs 9.262 billion. The capitalisation of the market maintained at Rs 7.019 trillion after opening at 7.014 trillion of the previous session.
Trading took place in 399 companies where 180 closed in positive and 203 in negative while the value of 16 stocks remained intact. Rafhan MaizeXD and Package Ltd were the biggest price gainers of the day up by Rs 61.11 to Rs 10561.11 and Rs 11.94 to Rs 579.52.
Active list was topped by Pak Elektron Ltd with 15.570 million shares as it closed at Rs 30.46 after opening at 30.84. Lafarge Pak was the second highest on volume chart with 8.676 million shares up by Re 0.42 to Rs 15.78. It was followed by Summit Bank with 6.960 million shares grew by Re 0.32 to Rs 3.22, Faysal Bank with 6.115 million shares extended by Re 0.32 to Rs 17.62 and Fauji Cement SPOT with 5.433 million shares increased by Re 0.05 to Rs 20.03.