KARACHI

Stocks closed higher amid thin activity on strong earnings outlook. Index up by 0.07pc to close at 29697.79 points.

KSE benchmark posted a fresh gain 20.99 points or 0.07 percent to end the day at 29697.79 points compared to 29676.80 points of the previous day.

Volume decreased by 45pc to 73.045 million shares to a 9-month low, value remained $40 million, down by 37pc compared to value in PKR 4.013 billion to 14-month low. The capitalisation of the market maintained at Rs 6.999 trillion compared to Rs 7.017 trillion of a day earlier.

Analyst at Arif Habib Corp Ahsan Mehati said release of Rs39.7b subsidy to ease circular debt in energy sector, favorable SC decision on pending Rs1.9b HUBC tax refunds, speculations over outcome of  improved CPI data at 8.2pc YoY for Jun’14 on upcoming SBP policy played a catalyst role in positive sentiments ahead of corporate earning announcements despite concerns for dismal impact of revised GIDC levy on fertilizer sector scrips.

KSE-Allsahre index shed by 57.23 points or 0.26 percent to end the day at 21900.81 points, KSE-30 index added 16.18 points or 0.08 percent to finish the trading at 20487.01 points while KMI-30 index increased by 143.22 points or 0.30 percent to conclude the session at 47992.79 points.

Trading took place in 311 companies where 132 stocks closed in green and 153 in negative while the value of 26 stocks remained intact. Highest decreased witnessed in the price of Nestle Pak down by Rs 160 to Rs 8000 followed by Pak Tobacco  down by 24.61 to Rs 1199. Shezan Inter and Indus Motors Co were the biggest price gainers of the day up Rs 44.37 to Rs 965.97 and Rs 26.09 to Rs 547.96.  An equity dealer said ranged bound session was witness with activity remained dull. Investors remained sidelines in the absence of any triggers. HUBC kept on rising after Supreme Court decided tax case in favour of the company yesterday.     SSGC and SNGP remained in limelight ahead of ECC meeting to approve Rs.49b to be charged from gas consumer to cover gas losses. Active list was topped by Lafarge Pak with 6.136m shares as it closed at Rs 16.31 after opening at 16.26. Sui North Gas was the second highest on the volume chart with 4.065m shares grew by Re 0.74 to Rs 23.13. It was followed by Sui South Gas with 3.915m shares off by Re 0.72 to Rs 36.63, Byco Petroleum with 3.907m shares shed by Re 0.07 to Rs 11.12 and PTCL with 3.245m shares misplaced by Re 0.18 to Rs 25.97.