Our Staff Reporter  

KARACHI

Stocks on Monday closed all time high amid higher trades led by oil, textile and cement scrips after sharp recovery in international oil prices and PM announcements for cut in corporation tax rates by 1pc and slash in financing rates for Export Finance (EFS) to 6pc and Long term Finance (LTFF) to 7.5pc. The bench mark KSE-100 Index rose by 232 points to close at 34,676.31 points or 0.67pc.

The cement sector continued its rally on the market expectations of upcoming cement dispatch numbers boosting investor confidence. FCCL, MLCF, DGKC and LUCK all closed up 4.7pc, 5pc, 1.4pc and 1.7pc respectively and remained amongst the volume leaders. PAEL enjoyed its euphoric growth to reach its upper circuit as investors anticipate healthy earnings due to lower CPI figures which would lead to even lower interest rates. PSO rose 3.6pc moved North due to a slight recovery in the global oil prices. Textile sector remained under pressure after the news of gas supply to textile sector hit by pipeline blast, commented analyst Arhum Ghous.

Reduction in local petroleum prices, expectations of lower CPI Inflation data for Jan’ 15 and renewed foreign interest in blue chip stocks played a catalyst role in bullish activity at KSE despite weak earnings in fertilizer and oil sector this quarter, stated analyst Ahsan Mehanti.

Smooth finishing of roll over last week coupled with lower Jan inflation number and further cut in National Saving rates helped boost sentiments. Oil price recovery also helped local oil exploration companies to post gains. MLCF and PAEL closed 5pc upper limit, observed analyst Samar Iqbal.

Volumes decreased by 6pc to 238m shares, value also declined by 11pc of USD211m (value Rs21.1b). Of total 378 active companies in session 177 were advancers, 174 were decliners while 27 went unchanged. Jah. Sidd. Co was the volume leader 28.67m shares and price per share Rs19.47, followed by Pak Int. Bulk with 22.20m shares and price per share Rs38.23 and K-Electric with 20.27m shares and price per share Rs8.76.