KARACHI - Pakistan Stock Exchange Monday closed higher with low volumes on the last working day before Eid holidays, with the 100-share index gaining 185 points (0.4%) to close at 37966.76 points.

Positivity prevailed in the market as the index, after remaining under pressure during the initial hours of trading, surged by around 183 points to finally close at 37,967points, brokers said.

Volumes decreased by 4.3% to 110m shares while traded value decreased by 4.1% to Rs 7.0b/67$m.

ENGRO, up 1.41%, gained on the back of the news that it has entered into a sale and purchase agreement with Friesland Campina with respect to sale of up to 51% of shares in its subsidiary EFOODS. This sale and purchase agreement will result in an estimated onetime gain of Rs75/share for the holding company, stated analyst Arhum Ghous.

EFOODS, which slumped 5% ,on the other hand closed on its lower circuit as sale price of Rs120/share is a potential negative for minority shareholders, as the transaction price is 26% lower than the share’s last closing price. ATRL gained to close on its upper circuit as the refinery, in its material information disseminated to the market, announced that its Diesel Hydro Desulphurization (DHDS) plant has started operation to produce high speed diesel as per Euro II standard. This upgradation will enable ATRL to take advantage of increased deemed duty of 9% for companies that have upgraded their fuel output to European standard, analyst added.

Investor interest was seen in E&P sector as OGDC (up 1.35%), PPL (1.87%) and POL (1.49%) gained to close in the green zone on the back of notice issued at the PSX that testing at Makori Deep-01 has resulted in increased oil and gas flows. POL, PPL and OGDC have respective post-commerciality working interests of 21.05%, 27.76% and 27.76% in Makori Deep-01, dealers said.