KARACHI - Local bourse closed marginally up after a continuous fall of around 4pc in last 4 trading sessions.  Stocks closed higher led by second and third tier stocks on strong earnings outlook.

The Karachi Stock market 100 index gained 0.36 points or 0.00 percent to stop the day at 22714.68 points compared to 22714.32 points of the previous day.  Analyst at Arif Habib Ahsan Mehanti said rally was led by oversold stocks across the board amid consolidation in the earning announcements session after higher than expected earnings announcement by UBL.

Renewed foreign interest in selected oil and banking stocks, easing circular debt concerns after raise in power tariff and hopes for early privatisation of SOEs played a catalyst role in positive activity at KSE. Institutional support remained in banking stock amid expectations for SBP tightening early next week after CPI clocked at 8.2pc in July’13, he added.

KSE-Allshare index down by 11.95 points or 0.07 percent to end the day at 16299.17 points, KSE-30 share index misplaced 19.49 points or 0.11 percent to finish the day at 17617.21 points while KMI-30 share index off by 123.47 points or 0.32 percent to conclude the day at 38868.24 points.

Dealers said bourse got some support amid increase in regional equity markets but sentiments remained week due to uncertainty as monetary policy statement date has not been announced as yet. Renewed buying interest was seen in Pakistan Telecom amid attractive valuation. The stocks gained by1pc. United Bank gained by 2.5pc after healthy earnings and handsome dividend announcements.

The day turn over of local bourse in term of shares was 171.620 million after opening at 217.488 million and the value f traded shares was reduced to Rs 6.842 billion from Rs 10.263 billion. Capitalisation of share market maintained at Rs 5.611 trillion compared to Rs 5.615 trillion of the previous session.

Out of 343 companies 180 closed in positive and 143 in negative while the value of 20 companies not changed. Wyeth Pak Limited hold the position of top price gainer with addition of Rs 120.18 to Rs 2523.79 followed by Siemens Pakistan up by Rs 17.82 to Rs 1057.45. Indus Dyeing and Treet Corporate were the biggest losers of the day decreased by Rs 18.56 to Rs 778.44 and Rs 14.93 to Rs 283.74.

Bank of Punjab was the top traded company of the day with 19.494 million shares as it closed at Rs 13.02 after opening at Rs 12.59. Engro Polymer was on the second position with 16.669 million shares up by Re 0.92 to Rs 13.83. It was followed by Nimir Ind. Chemical with 13.537 million shares up by Rs 1 to Rs 6.01, National Bank with 10.647 million shares off by Re 0.22 to Rs 51.25 and Fauji Cement with 9.064 million shares shed by Re 0.15 to Rs 14.27. 

In a weekly review equity dealer Samar Iqbal said amid fall in regional equity markets and fear of hike in interest rate in the upcoming MPS, local bourse declined by 4pc during the week. Volumes also declined by 11pc to 196m shares on average.

However, during the week current account surplus and improved textile exports showed economic recovery. Hub Power Company, Pakistan Petroleum, National Bank, Habib Bank, Fauji Cement, Engro Corporation and United Bank were among the key companies announced their results during the week.