KARACHI  - Stocks closed record high ahead of corporate earning announcements due this week on speculations for likely revision in OMC margins by ECC.

At local equity market benchmark KSE-100 share index posted a fresh gain of 81.51 points or 0.31 percent to close the session at 26341.08 points compared to 26259.57 points of the previous day.  Analyst at KSE Ahsan Mehanti said record cement sales data for Dec’13 and easing concerns for circular debt post revision in local power tariff played a catalyst role in bullish activity despite concerns for high government borrowings and volatile rupee dollar parity.

Trade remained high led by second and third tier stocks. Likely announcements on privatisation of SOEs, gas pricing for fertilizer units by ECC and expectations for record textile exports post GSP plus status impacted the sentiments. KSE-Allshare index added 54.86 points or 0.28 percent to end the day at 19600.26 points, KSE1-30 share index grew by 41.09 points or 0.21 percent to stop the trading at 19478.32 points while KMI-30 share index increased by 135.81 points or 0.31 percent to conclude the session at 44303.19 points. 

Stock traded 321.177 million shares after opening at 336.366 million shares and the value of traded shares was reduced to Rs 10.619 billion from Rs 11.750 billion. Capitalisation of the local market settled at Rs 6.358 trillion compared to Rs 6.340 trillion of a day earlier.

A dealer said selective profit-taking was seen in the cement sector as out of 18 listed companies 9 closed in green while 3 remained unchanged. Moreover, Lafarge closed near its upper cap as rumours regarding its potential deal picked pace. 

Trading took place in 413 companies where gainers held a strong lead over the losers 242 to 152 while the value of 19 stocks remained intact. Rafhan Maize was the biggest price loser decreased by Rs 325 to Rs 7675 followed by Nestle Pak down by Rs 169.80 to Rs 9090. Indus Dyeing and Siemens PakistanSPOT were the top price gainers up by Rs 57.40 to Rs 1205.37 and Rs 53.57 to Rs 1407.01. Active list was topped by Lafarge Pakistan with 33.157 million shares up by Re 0.75 to Rs 9.45. It was followed by Azgard Nine with 19.935 million shares extended by Re 0.33 to Rs 8.73, PIAC(A) with 17.868 million shares off by Re 0.07 to Rs 9.63, KESC with 16.227 million shares up by Re 0.08 to Rs 6.19 and JS Co with 11.048 million shares grew by Re 0.06 to Rs 9.96.