KARACHI - Led by oil stocks, the Karachi stock market closed higher amid thin trade on renewed foreign interest and speculations ahead of PM’s meeting with US President to discuss bilateral economic and security issues.

At local equity market, the benchmark KSE 100-share index posted a fresh gain of 116.86 points or 0.53 per cent to end the day at 22347.29 points as compared to 22230.43 points of the previous day.

Former Director KSE Zafar Motti said positivity continued in the local equity market during the session and hopefully bulls will hold the control of market this week due to Prime Minister’s visit to US and the upcoming meeting of Prime Minister Mian Nawaz Sharif and President Obama.

KSE allshare-index went up by 112.08 points or 0.70 percent to conclude the session at 16178.42 points, KSE 30-share index grew by 99.53 points or 0.59 percent to stop the day at 16946.78 points while KMI 30-share index increased by 346.60 points or 0.92 percent to close the day at 38143.61 points.

Analyst at KSE Ahsan Mehanti said record earning announcements in cement, oil stocks, higher local cement prices and hopes for key announcements on privatisation of SOEs, 3G licence auctions in telecom sector; and Pak-US trade and security assistance following meetings of Pak-US officials played a catalyst role in bullish sentiments in selected scrips across the board despite major fall in global stocks and commodities after dismal US economic data. Trading took place in 331 companies where gainers beat the losers by 155 to 149 while the values of 27 stocks remained intact. Wyeth Pak Limited was the top traded company of the day, up by Rs 205 to Rs 4305, followed by Bata (Pak), added Rs 85 to Rs 1785. Rafhan MaizeXD and Siemens Pakistan were the biggest losers of the day, decreased by Rs 196.67 to Rs 5050 and Rs 14.78 to Rs 900.

Stock traded 148.653 million shares after opening at 167.244 million shares and the value of traded shares climbed to Rs 6.442 billion from Rs 6.364 billion. Capitalization of the market maintained at Rs 5.287 trillion as compared to Rs 5.255 trillion of a day earlier.

Equity dealer Samar Iqbal said investors remained bullish amid September results and improved US-Pak ties while sentiments further augmented after heavy foreign inflow a day earlier. Benchmark index gained by 3.46% in a three-day rally. PTC remained the volume leader after 17mn shares exchanged hands and the stock price gained by 2%.

P.T.C.L.A was the top traded company with 16.679 million shares as it closed at Rs 26.98 after opening at Rs 26.45. Lafarge Pakistan was on the second position with 14.550 million shares, shed Rs 1.02 to Rs 7.35. It was followed by Fauji CementXD with 12.115 million shares, shed Re 0.16 to Rs 12.35, Bank Al-Falah with 8.179 million shares, up by Re 0.51 to Rs 22.41 and BOP with 6.929 million shares, off by Re 0.23 to Rs 10.51.