KARACHI - Stocks closed higher on strong earning announcement by PSO amid cautious activity ahead of SBP policy announcement.

At local equity market benchmark KSE-100 share index gained 15.45 points or 0.10 percent to conclude trading session at 14,759.59 points as compared to 14,744.14 points of a day earlier.  Equity dealer at Topline Securities Samar Iqbal said market see-saw throughout the day with leading corporate like OGDC, PSO and Indus Motors announcing their results. PSO surprised the market with the bonus issue while Indus Motors paid higher than expected cash dividend. Both the stocks rallied on this development.

OGDC on the other hand did not announce good dividend which is why its share price came down. Retail investors were cautious today due to confusing signals regarding the policy rate to be announced on Friday, she added. KSE-Allshare index slightly gained 8.42 to points or 0.08 percent to close the business activity at 10,381.5 points, KSE-30 share index up by 20.57 points or 0.16 percent to close the day at 12,712.88 points while KMI-30 share index augmented by 62.13 points or 0.24 percent to stop the day at 25,705.41 points.

Analysts said concerns for Supreme Court notice to PM on NRO verdict, uncertainty in global stocks and commodities affected the sentiments despite strong earnings outlook for banking and oil sector. Approval of Petroleum Policy 2012 by CCI, higher exploration targets set for PPL and hopes for rate cut in key policy rate played a catalyst role in bullish sentiments in the earning announcement session at KSE.

Market traded 75.362 million shares after opening at 85.199 million shares and the value of traded shares ascended to Rs 3.052 billion from Rs 2.699 billion. The stock market capitalisation settled at Rs 3.766 trillion as compared to Rs 3.763 trillion of previous session.

Trading took place in 297 companies where 113 closed in positive and 131 in negative while the values of 33 companies not changed. UniLever Pak and Bata (Pak) Limited were the highest price gainers of the day increased by Rs 101 to Rs 8649.00 and Rs 35 to Rs 735.00. Mithchells Fruit and Nestle Pakistan Limited were the top losers of the day decreased by Rs 10 to Rs 350.00 and Rs 10 to Rs 4090.

Active list was topped by Jahangir Siddique Company with 6.063 million shares as it closed at Rs 15.11 after opening at Rs 14.73 gained Re 0.38. Karachi Electric Supply Company was on the second position with 4.963 million shares shed by Re 0.22 to end at Rs 4.27.

It was followed by Maple Leaf Cement with 4.110 million shares added Re 0.10 to close at Rs 7.38, Hub Power Company with 3.661 million shares off by Re 0.41 to lock the day at Rs 45.02 and Nishat Mills Limited with 3.311 million shares higher by Re 0.43 to conclude at Rs 53.64.