KARACHI - Stocks closed bullish on Friday ahead of year-end close, led by selected blue chip stocks on strong valuations.

At local equity market, the benchmark KSE 100-share index posted fresh gain of 50.87 points or 0.30 per cent to finish the day at 16,943.19 points as compared to 16,892.32 points of the previous day. Market expert Ahsan Mehanti said Fauji Fertilizer bid for Askari Bank, higher global commodities, OGDC announcement for increase in wellhead gas price of Qadirpur gas field, stronger earnings outlook for oil, textile and cement sectors played a catalyst role in bullish sentiments at KSE despite concerns over security situation in the country.

Equity dealer M Rizwan said some recovery was seen at local bourse as index touched new high, closing at 16,943 points level. “Most of the activity remained focussed on PIAA, BYCO and KESC. POL closed Rs.4.64 up while Engro Corp closed at Rs.91.08,”he added.

KSE allshare-index went higher by 43.97 points or 0.37 per cent to stop the day at 12,005.29 points, KSE 30-share index added 30.24 points or 0.22 per cent to conclude the day at 13795.56 points while KMI 30-share index increased by 133.12 points or 0.46 percent to close the day 29231.02 points.

Market traded 154.458 million shares after opening at 151.903 million shares and the value of traded shares climbed to Rs 3.655 billion from Rs 2.868 billion while market capitalization settled at Rs 4.256 trillion compared to Rs 4.241 trillion of the previous day.

Trading took place in 338 companies where gainers beat the losers by 166 to 143 while the value of 29 stocks remained intact. Unilever Pak was the biggest price gainer of the day, up by Rs 499.99 to Rs 10500 while down-hill trend was led by Indus Dyeing, down by Rs 31.45 to Rs 597.55.

P.I.A.C (A) was the volume leader of the day with 20.269 million shares, as it closed at Rs 4.43 after opening at Rs 3.80. Byco Petroleum was on the second position with 18.633 million shares. It was followed by KESC with 11.389 million shares, up by Re 0.27 to Rs 5.94, JS Co with 9.981 million shares, higher by Re 0.48 to Rs 16.52, and Askari Bank Limited with 9.230 million shares, up by Rs 0.66 to Rs 17.41.