KARACHI - The KSE 100-index on Monday showed a positive movement and closed higher at 11,843.65, gaining 57.56 points or 0.49 per cent from the previous level of 11,786.09 amid Chinas strong assurance to support Pak fragile economy through signing of new bilateral trade and investment pacts and Memorandum of Understanding (MoU) with Pakistan in various fields of economy. Moreover, renewed foreign interest on strong valuations in local oil & gas, banking and textile sectors scrips, record rise in international cotton prices, higher oil prices and rising foreign exchange reserves, and bullish activity in global capital markets ahead of Christmas holiday played a significant role in maintaining market on a positive note. According to the daily stock market report, the 100-index closed higher at 11,927.49 and lower at 11,786.09 levels, respectively. Volumes remained low at 113.29 million shares versus 120.13 million shares traded previously Total ready market value stood at Rs5.62 billion or $65.55 million while KSE market capitalisation amounted to Rs3, 219.99 billion or $37.54 billion, respectively on the reported day. The KSE 30-index closed at 11,388.13 level with an increase of 73.89 points or 0.65 per cent from the last closing whereas the KSE-All Share Index closed at 8, 231.83 level, up 39.56 points. The daily trading activity at market depicted that KSE future volume shares recorded at 4.23 million or Rs507.61 million while KSE future spread came at 5.69 per cent. The shares of World Call Telecom opened at Rs3.19 and closed at Rs3.21 with highest rate of Rs3.45 and lower at Rs3.16, showing a turnover of Rs10.304 million followed by Lotte Pakistan PTA whose shares opened at Rs13.17 and closed at Rs13.23, translating into earnings of Rs7.460 million. Besides, the shares of Nishat Mills Limited yielded Rs7.060 million at the opening rate of Rs59.66 and closing rate of Rs62.01 during the whole sessions of trading at KSE on Monday. Earnings and payout mania was duly energised by the positive vibes from the visiting Chinese delegation, thus allowing main board stocks to lead early gains, despite gloomy economic, financial and political environment, however despite substantial contribution by below par stocks, turnover stayed on lower side, said Hasnain Asghar Ali an equity market analyst at Aziz Fida Hussain & Co. (Pvt) Limited. He further said although the likely impact of turnover tax to be reflected in upcoming annual results of the banking sector (incase amendments are not made) carry high chances of depressed earnings various recoveries from large groups and expected cash and stock dividends, kept the sentiment upbeat in the banking stocks, along with fertilizer, E&P (offering currency and inflation hedge) and various groups stocks, thus offering various trading and switching opportunities to the market participants. The unprecedented inflows through off-shore accounts besides directly providing liquidity has certainly allowed the local companies, to arrange more liquidity by off-loading cornered, illiquid and expensive stocks to the off-shore participants and duly invest the proceeds in comparatively liquid main board stocks, thus allowing the main board stocks to invite decent turnover along with price discovery, he added. An analyst at JS Research was of the view that the current formation of higher high and higher low suggests that the index is likely to continue its upward trend. The MACD is still on its rising trend hinting a bullish trend ahead. On the contrary, the RSI and the Stochastic Oscillator are overbought which warrants a cautious approach. Further, the resistance trend line (blue line) is also looming ahead around 11,850 mark. The support and resistance are present at 11,730 and 11,842 levels, respectively.