KARACHI- Stocks closed higher at KSE amid thin trade, led by cement and telecom stocks on strong valuations.

Investors preferred to stay on the sidelines in the absence of any trigger which is why volumes fell to 10-week low. Major activity was seen in PIAA as 21m shares exchanged hands with the share price increasing by 14 paisas. Telecom sector gained some momentum after Supreme Court has referred back the international calling rate case back to CCP, Samar Iqbal, equity dealer, observed here on Thursday.

At local equity market, benchmark KSE 100-share index gained 21.62 points or 0.12 per cent to end the day at 17947.76 points as compared to 17926.14 points of a day earlier.

KSE allshare-index increased by 66 points or 0.52 per cent to end the day at 12681.57 points, KSE 30-share index shed 27.86 points or 0.20 percent to close the day at 14161.71 points while KMI 30-share index extended by 87.02 points or 0.28 per cent to conclude the day at 31401.48 points.

In term of shares, equity traded 100.549 million shares on Thursday after opening at 148.069 million shares. Value of traded shares minimised to Rs 2.554 billion from Rs 5.025 billion and the capitalization of Karachi bourse matured at Rs 4.405 trillion compared to Rs 4.382 trillion of a day earlier.

Higher global commodities on strong US data, rising oil production data for Makori fields of local exploration companies, announcement of Greenfield cement project investment by DG Khan cement, easing political outlook and renewed foreign interest in blue chip stocks affected the sentiments

Speculations on CPI inflation data for March’13 and institutional support ahead of quarter-end close played a catalyst role in higher close at KSE amid concerns for rising circular debt issues in energy sector and uncertainty over economic impact of IMF loan repayments.

During the session, 318 companies participated in the trading where 151 stocks closed in negative and 130 in positive while the value of 37 remained unchanged. Upward trend was led by UniLever Pak and Nestle Pakistan, increased by Rs 582.15 to Rs 12225.21 and Rs 249 to Rs 5499 while the down-hill trend was led by Indus Dyeing and Pak Services, decreased by Rs 20.99 to Rs 428 and Rs 10.12 to Rs 194.88.

P.I.A.C (A) sustained its first position at active list with 21.039 million shares as it closed at Rs 7.23 after opening at Rs 7.11. Wateen Telecom Limited was on the second position with 7.405 million shares. It was followed by Lotte PakPTA with 6.100 million shares, off by Re 0.08 to Rs 7.23, PTCLA with 4.891 million shares, up by Re 0.20 to Rs 19.90 and TRG Pakistan Limited with 3.682 million shares, marginally up by Re 0.01 to Rs 7.46.