KARACHI - Stocks closed higher led by second tier stocks in cement, textile and oil sectors on strong valuations amid concerns for rising circular debt in Pakistan energy sector,” said Ahsan Mehanti Director Arif Habib Corporation.
The Karachi Stock Exchange (KSE) 100-share index gained 17.82 points or 0.11 percent to close at 16,251.01 points as compared to 16,233.19 points of the previous session. The KSE 30-share index was up by 1.39 points to close at 13,202.57 points as compared with 13,201.18 points of the previous session.
The market turnover went up by 12.28 percent and traded 230.52 million shares after opening at 205.29 million shares. The overall market capitalisation went up by 0.24 percent and traded Rs 4.071 trillion compared to Rs 4.061 trillion of the previous session.
Gainers beat losers by 263 to 83 while 24 stocks remained unchanged.
“Activity remained confined towards mid cap cement and textile stocks as investors remained cautious because of deteriorating law and order situation. While Indus Motors and PSMC closed to its upper cap after ECC decreased imported car age limit. Engro Corp also rose by Rs.1.25 amid hope of restoration of gas supply,” said Samar Iqbal Dealer at Topline Sec. The KMI 30-share index gained by 49.71 points to close at 28, 265.34 points from its opening at 28,215.63 points. The KSE all-share index closed with a gain of 24.75 points to close at 11,463.46 points as against 11,438.71 points.
Experts said bullish sentiments in textile sector on record exports and ECC announcement on car imports restriction beyond 3 years old invited interest in auto sector.
Uncertainty in global stocks and explosions in the city affected the sentiments amid expectations for positive outcome of D-8 summit, he added.
Fauji Cement was the volume leader in the share market with 25.07 million shares as it closed at Rs 6.97 after opening at Rs 6.70 gaining 27 paisas. Maple Leaf Cement traded 16.16 million shares as it closed at Rs 15.24 from its opening at Rs 14.25 gaining 99 paisas.
Jah. Siddi. Co. traded 13.73 million shares and closed at Rs 15.64 as compared to its opening at Rs 16.10 shedding 46 paisas.  Byco Petroleum traded 13.60 million shares as it closed at Rs 10.52 as against its opening at Rs 9.52 gaining Rs 1.00.