KARACHI - Stocks closed higher amid thin trade in oversold market. Institutional interest led by oil, banking cement stocks played a catalyst role in bullish sentiments amid concerns for falling rupee value and hopes for IMF approval of $5b bailout package to ease economic challenges for the country.

At local equity market benchmark KSE-100 share index posted fresh gain of 62.26 points or 0.30 percent to end the day at 21110.34 points compared to 21048.08 points of the previous day.  Analysts said speculations on early resolutions of circular debt issues in energy sector, recovery in global commodities and stocks affected the sentiments.

KSE-Allshare index gained 67.48 points or 0.45 percent to close the day at 14975.81 points, KSE-30    share index up by 14.82 points or 0.09 percent to end the session at 16346.96 points while KMI-30 share index increased by 471.55 points or 1.30 percent to conclude the trading at 36658.93 points.

Market traded 211.827 million shares after opening at 323.120 million shares and the value of traded shares was reduced to Rs 9.378 billion from Rs 10.543 billion. The capitalisation of local equity market maintained at Rs 5.151 trillion compared to Res 5.127 trillion of a day earlier.

After a fall of 3pc day before, market recovered today mainly led by OGDC, PSO, POL and PTC. Foreigners’ favorite MCB fell by Rs.11, if MBC decline excluded market would have been up by 140 points.

Investors are confused because of liquidity crunch faced because of June ending and sell off in the regional equity markets, dealers observed.

Shares of 338 companies were traded on Tuesday where 190 closed in positive and 128 in negative while the value of 20 stocks remained intact. Wyeth Limited hold the top position of losers decreased by Rs 20 to Rs 1620 followed by Exide (PAK) down by Rs 18.30 to Rs 442.03. Atlas Battery Limited and Colgate Palmolive were the top gainers of the day up by Rs 16 to Rs 338 and Rs 15 to Rs 1750.

Active list was again topped by Fauji Cement with 18.845 million shares as it closed at Rs 13.41 after opening at Rs 13.25. It was followed by PTCLA with 17.757 million shares up by Re 0.95 to Rs 21, Maple Leaf Cement with 11.667 million shares grew by Re 0.21 to Rs 22.73, Bank of Punjab with 9.575 million shares higher by Re 0.31 to Rs 13.33 and JS Co with 6.900 million shares off by Re 0.27 to Rs 11.59.