KARACHI - Stocks on Friday closed higher led by selected oil, fertilizers and cement scrips amid speculations ahead of SBP Policy rate decisions tomorrow.

The PSX shares index posted a gain of 104.87 points (up 0.34) to close at 31,298.60 points. The market index started in green and remained intact towards the end to close in green zone. Traded volume increased by 65 % to 141.4mn shares as compared to 86 mn shares changed hands yesterday, while traded value increased 52.4% to Rs9.3bn/US$90mn.

Cements were strong throughout the day on the back of cut in electricity charges especially DGKC, FCCL & MLCF which gained 3.85%, 2.34% & 1.12% respectively, stated dealers at sales desk of a major brokerage.

PAEL closed at its upper limit after news came in that PESCO plans to procure transformer and single phase meters.

Analyst Ahsan Mehanti said Cement scrips supported the bullish sentiments on strong financial results and positive outlook from CPEC projects.,

Higher global equities, rising crude oil prices played a catalyst role in bullish activity in the earning announcements session at PSX, the analyst added.

Major activity witnessed in the stocks of K-Electric, Pak Elektron and Fajui with traded volume 11mn shares, 10 mn and 9.4 mn shares respectively.