Stocks closed higher ahead of corporate earning announcements due this week following release of Rs39.7b subsidy to ease circular debt in energy sector.

At local equity market benchmark KSE-100 share index further added 49.05 points or 0.17 percent to end the day at 29701.58 points compared to 29652.53 points of the previous day.

Samar Iqbal AVP at Topline Securities said mainly supported by index heavy weight OGDC, benchmark index closed marginally positive, CPI for the month of June stood at 8.2pc taking FY14 CPI at 8.62pc. EFERT and Fatima witnessed profit-taking after implementation of GIDC, while FFC gained in expectations of urea prices.

Volume fell by 42pc to 90.727 million shares after opening at 156.568 million shares and the value of traded shares was reduced to Rs 6.961 billion from Rs 8.455 billion. The capitalisation of the market maintained at Rs 7.037 trillion compared to Rs 7.022 trillion of a day earlier.

Equity experts said foreign interest in oil stocks and reports for improved CPI data at 8.2pc YoY for Jun’14 played a catalyst role in positive sentiments despite concerns for dismal impact of revised GIDC levy on fertilizer sector scrips.

Expected M&A activity in cement sector impacted the sentiments amid concerns for political uncertainty, he added.

Trading took place in 303 companies where gainers outnumbered the losers 149 to 127 while the value of 27 stocks remained intact. Rafhan Maize was the top price loser of the day decreased by Rs 199.99 to 11600 followed by Sanofi- Aventis down by Rs 34 to Rs 900. Services Ind. Ltd and Mithchells Fruit were the biggest price gainers of the day increased by Rs 24.75 to 519.75 and Rs 22.67 to Rs 682.67.

Active list was topped by Byco Petroleum with 7.628 million shares as it closed at Rs 10.93 after opening at Rs 10.86. It was followed by Fauji Fert with 7.075 million shares up by Re 0.23 to Rs 112.63, Engro Corp with 5.601 million shares off by Rs 1.16 to Rs 173.74, PTCL with 5.030 million shares shed by Re 0.24 to Rs 25.26 and Ghani Automobile (R) with 3.015 million shares fell by Re 0.17 to Re 0.93.