KARACHI - Stocks closed higher after rising by over 4pc in 5 consecutive sessions, over all consolidation was seen in the market on the last day of trading week.

The month of March started with a bull run of over 1,100 points in a week with increasing volumes of Rs.11 billion (average) in an eventful week. Pak Rupee also strengthened by 2pc during the week, an expert observed.

Benchmark posted a fresh gain of 49.70 points or 0.19 percent to conclude the session at 26892.23 points compared to 26842.53 points of the previous day.

Ahsan Mehanti analyst at Arif Habib said oil stocks lead the rally followed by second and third tier stocks on strong valuations. Rising FX reserves, expectations for favourable SBP policy announcement later this month and resumption of government peace talks with TTP played a catalyst role in bullish activity post major earning announcements at KSE.

KSE-Allshare index grew by 69.58 points or 0.35 percent to close the day at 19977.65 points, the 30-share index at local market up by 12.22 points or 0.06 percent to finish the session at 19546.91 points while KMI-30 share index misplaced 63.59 points or 0.14 percent to finish the day at 44903.73 points. 

AVP equity sales at Topline Samar Iqbal said following ease in Ukraine-Russian tension and rising global equity markets, local institutions showed renewed interest at local bourse. Rising production from Makori field helped oil stocks. PSO remained in the limelight after its tremendous earning announcements while NBP witnessed selling pressure after announcing depressed earnings.

Expectations of better cement sales brought cement stocks on investors’ radar. Taliban & Govt talks and PKR movement will be eyed along with foreign flows and local institutions’ activity, she added.

Market traded 203.346 million shares after opening at 263.073 million shares while the volumes reduced to Rs 9.601 billion from Rs 11.984 billion. The capitalisation of the market maintained at Rs 6.493 trillion compared to Rs 6.471 trillion of a day earlier.  

Out of 364 companies 168 closed in positive and 173 in negative while the value of 23 stocks remained intact. Bata (Pak) was the top price gainer of the day increased by Rs 100 to Rs 3000 followed by 55.25 to Rs 1160.25. Indus Dying and Mithchells FruitXDXB were the biggest losers of the day decreased by Rs 57.22 to Rs 1087.23 and Rs 28.29 to Rs 6760.05.

Small cap stocks remained in the limelight with Maple Leaf led the volume with 25.663 million shares closed 2.3pc down. Followed by TRG with 19.172 million shares up by Re 0.92 to Rs 61.02, JSCL witnessed 10.084 million shares volume grew by Re 0.19 to Rs 10.36, Lafarge Pak with 9.055 million shares shed by Re 0.07 to Rs 11.43 and Dewan Cement with 8.977 million shares higher by Re 0.51 to Rs 9.72 respectively.