KARACHI  - Stocks closed higher amid thin trade on easing political concerns following floods across Punjab.

Nadeem Moulvi director MM Securities said no depression witnessed in local bourse which is positive sign and it will support further correction in market.

At local equity market benchmark KSE-100 share index posted a fresh gain of 71.82 points or 0.24 percent to end the trading at 29585.60 points compared to 29513.78 points of the last working day on Friday.

Equity expert said strong cement sales data for August ‘14 depicting 23.2pc growth YoY, late session support in selected oil, cement and fertilizer stocks played a catalyst role in positive close at KSE as investor counted on positive impact of GIDC removal, refunds, rising global fertilizer prices and expected cut in SBP policy rate this month.

KSE-Allshare index up by 63.50 points or 0.29 percent to stop the trading at 21778.93 points, KSE-30 index added 3.24 points or 0.02 percent to finish the session at 20454.02 points while KMI-30 index grew by 97.84 points or 0.20 percent to conclude the session at 48507.26 points.

Market traded 89.824 million shares after opening at 151.894 million shares and the value of traded shares was reduced to Rs 4.507 billion from Rs 8.170 billion while the capitalisation of the market maintained at Rs 6.952 trillion after opening at Rs 6.941 trillion.

Samar Iqbal AVP at Topline said dull activity was seen with volumes remained low in absence of any major news while some support was seen in OGDC, POL and PPL while investors trimmed positions in LUCK and DGKC.

Trading took place in 396 companies where gainers beat the losers 191 to 183 while the value of 22 stocks remained intact.

Unilever Foods was the biggest price gainer of the day up by Rs 385 to Rs 8385 followed by Wyeth Pak Ltd up by Rs 199.92 to Rs 4198.40. Rafhan MaizeXD and Bata (Pak) were the top price losers of the day decreased by Rs 172.50 to Rs 10390 and Rs 121.72 to Rs 3228.28.

Active list was topped by TRG Pakistan (R) with 11.279 million shares shed by Re 0.07 to Rs 2.51. Faysal Bank was the second highest on volume chart with 7.691 million shares as it closed at Rs 17.14 after opening at Rs 16.67. It was followed by TRG Pak Ltd with 6.694 million shares extended by Re 0.10 to Rs 12.01, Pak Elektron Ltd with 5.168 million shares off by Re 0.72 to Rs 33.03 and Maple Leaf Cement with 3.380 million shares shed by Re 0.38 to Rs 28.93.