KARACHI - Stocks closed record high led by second and third tier stocks on strong valuations. ECC approvals on off-loading government holdings in OGDCL, HBL, UBL and ABL impacted the sentiments,, analyst observed here on Friday.

On the last day of trading week benchmark index gained 115 points to close at a new high of 26488.32 level compared to 26373.24 points of the previous day.  Investors’ sentiments remained positive during the week as market gained 2pc with increasing volume of Rs.10.3b up by 21pc on WoW. Analyst at Arif Habib, Ahasan Mehati said speculation in selected listed SOEs mainly in oil and banking sector ahead of IPO announcements on privatisation initiatives, consolidations ahead of major corporate earning announcements, expected favorable ECC decisions on OMC margins and gas pricing next week played a catalyst role in bullish activity. KSE-Allshare index added 117.66 points  or 0.60 percent to end the day at 19797.91 points, KSE-30 share index gained 17.05 points or 0.09 percent to conclude the session at 19498.24 points while KMI-30share index misplaced 62.50 points or 0.14 percent to conclude the session at 44202.36 points.  Trading took place in 385 companies where gainers outnumbered the losers 196 to 166 while the value of 23 stocks remained intact. Nestle Pak was the biggest price gainer of the day up by Rs 180 to Rs 9280 while the Unilever Foods was the top loser of the day decreased by Rs 65 to Rs 8860.  The share turnover was reduced during the last session and market traded 229.878 million shares after opening at 427.419 million shares and the value of traded shares was reduced to Rs 7.799 billion from Rs 11.927 billion.  Stock capitalisation settled at Rs 6.421 trillion as compared to Rs 6.384 trillion of a day earlier.

Equity dealer at Topline Asad Siddiqui said investors’ remained interested in textiles sector as RUYI group (Chinese group that acquired Masood Textiles) planning to invest $2b in Pakistan and many believe that some portion of this investment will be in textile sector, in order to reap the benefits of GPS+ status. Moreover, the speculation regarding potential sell off continued in LPCL which also attracted investors interest, while cement sector on the whole experience profit taking.  Top ten scrips were led by Lafarge Pakistan with 21.646 million shares as it closed at Rs 10.91 after opening at Rs 10.24. PIAC(A) holds the second position with 11.089 million shares off by Re 0.20 to Rs 9.80. It was followed by Bank of PunjabXR with 9.692 million shares shed by Re 0.09 to Rs 11.31, JS Company with 8.755 million shares decreased by Re 0.16 to Rs 9.92 and Pace (Pak) Ltd with 7.484 million shares grew by Re 0.27 to Rs 4.42.