KARACHI

Stocks closed higher led by second and third tier stocks on strong valuations.

At local equity market benchmark KSE-100 share index posted a fresh gain of 143.31 points or 0.48 percent to end the day at 29728.91 points compared 29585.60 points of the previous day.  Ahsan Mehanti analyst at Arif Habib Corp said trade remained thin amid cautious activity as investors assess likely impact on flood affected sectors. Strong cement sales data for August ‘14, strong earnings outlook in auto and pharma sectors due to ongoing flood relief efforts and expected change in SBP policy rate decisions this month played a catalyst role in bullish activity, he added.

KSE- Allshare index up by 83.55 points or 0.38 percent to end the trading at 21862.48 points, KSE-30 index added 43.65 points or 0.21 percent to conclude the session at 20497.67 points while KMI-30 index increased by 180.20 points or 0.37 percent to conclude the trading at 48687.46 points.  Trading took place in 403 companies where 235 closed in positive and 147 in negative while the value of 21 stocks remained intact. Wyeth Pak Ltd was the biggest price gainer of the day up by Rs 201.60 to Rs 4400 followed by Services Ind. Ltd SPOT  grew by Rs 35.72 to Rs 820.02. Bata (Pak) and Pak Tobacco were the top price losers of the day decreased by Rs 53.28 to Rs 3175 and Rs 50 to Rs 1100.  An equity dealer said continuous foreign buying and further ease in political tension helped equities to inch up further. Speculation that Government is planning to make a policy of drug prices helped pharmaceutical companies to close high while the car assembler stocks also rallied due to weakening Japanese Yen against the US Dollar. Market traded 133.181 million shares after opening at 89.824 million shares and the value of traded shares was climbed to Rs 6.992 billion from Rs 4.507 billion.

The capitalisation of the market maintained at Rs 6.975 trillion compared to Rs 6.952 trillion of the previous day.  Active list was topped by TRGP Pak (R) with 11.037 million shares as it closed at Rs 2.72 after opening at 2.68. TRG Ltd was the second highest on volume chart with 7.931 million shares up by Re 0.02 to Rs 12.16. It was followed by PICIC Inv. Fund with 6.970 million shares extended by Re 0.16 to Rs 14.69, Maple Leaf Cement with 5.949 million shares off by Re 0.31 to Rs 28.79 and Fauji Cement with 5.231 million shares added Re 0.08 to Rs 19.93.