KARACHI - The stock market closed higher on Tuesday but off the days high, as cautious investors bought cheaper shares after a 2.5 per cent market drop the previous day. Investors were also hopeful of a positive outcome in an upcoming meeting on Wednesday between the Karachi Stock Exchange (KSE) authorities and the National Assembely (NA) Standing Committee on Finance regarding a capital gains tax (CGT). Analysts said expectation of positive outcome of a meeting between Senate Standing Committee and the KSE officials on Capital Gains Tax regulations for foreign/local investors, recovery in global capital markets and rise in international oil prices played a catalyst role in the positive activity. The KSE benchmark 100-share index, which opened in the green zone with a gain of 13.17 points, rose 0.23 percent, or 20.95 points, to close at 9,250.55 on turnover of 82.81 million shares. The KSE-index hit an intra-day high of 9,370.36 points. The KSE 30-index closed at 9104.25 with a loss of 30.38 points. The KMI 30-index closed at 14184.48 with a gain of 62.37 points. All shares index closed at 6492.40 with a gain of 16.91 points. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 82.953 million as compared to last trading sessions 89.526 million. Future market volume however stood at 4.740 million shares as compared to 5.270 million shares of last trading session. Market capitalisation stood over Rs2.605tr. Total trades increased to 61,813 as compared to last trading sessions 57,661. 209 companies advanced, 175 declined and 22 remained unchanged. Highest volumes were witnessed in LOTPTA at 12.075 million, closed at Rs8.60 with a loss of Re0.13, followed by HUBC at 10.603 million, closed at Rs31.00 with a loss of Rs1.15, and BOP at 4.259 million, closed at Rs10.00 with a gain of Re0.45.