KARACHI -Stocks closed bullish in the quarter-end earning announcement session at KSE, led by selected oil and banking stocks on strong valuations.

KSE’s benchmark 100-share index posted a fresh gain of 170.93 points or 0.60 per cent to end the day at 28578.96 points as compared to the 28408.03 points of the last working day on Friday.

A dealer said after last week record foreign inflows selective stock-picking was seen. News of investors’ interest in Pakistan Eurobond also supported the bull-run. Index heavy weights OGDC and MCB contributed 120 points helping benchmark index to continue rallying to close near 28,600 points for the first time ever.

KSE-allshare added 126.36 points or 0.60 per cent to close the day at 21349.54 points, KSE 30-index grew by 98.67 points or 0.49 per cent to conclude the session at 20128.95 points while KMI-30 shed 39.91 points or 0.09 percent to stop the day at 46529.81 points.

Market traded 255.741 million shares after opening at 402.954 million shares while the volumes fell to Rs 9.108 billion as compared to Rs 11.446 billion of the previous session. Capitalization of the market settled at Rs 6.881 trillion which was Rs 6.840 trillion in the previous session.

Trading took place in 368 companies where gainers outnumbered the losers by 188 to 159 while the values of 21 stocks did not change. Rafhan Maize XD was the biggest price gainer of the day, up by Rs 411.25 to Rs 8636.25, followed by Sanofi-Aventis, increased by Rs 42.50 to Rs 892.50. Nestle Pak and MithchellsFruit were the top price losers of the day, decreased by Rs 87.50 to Rs 3100 and Rs 31.22 to Rs 676.28.

Analyst at Arif Habib Corp Ahsan Mehanti said rupee appreciation went positive for pharmaceutical and automobiles sectors. Cements battered on dismal sales data for Mar’14.

Foreign interest remained thin after major fall in global stocks. Speculations remained in second and third tier stocks ahead of quarter end earning announcements due this next week, he added.

Active list was topped by Lafarge Pak with 33.033 million shares as it closed at Rs 12.78 after opening at Rs 13. It was followed by Faysal Bank with 23.467 million shares, up by Re 0.60 to Rs 15.69, BOP with 20.817 million shares, up by Re 0.02 to Rs 11.32, Fauji Cement XD with 12.455 million shares, off by Re 0.51 to Rs 17.54 and Pak Elektron Ltd with 10.163 millions shares, extended by Re 0.76 to Rs 21.05.