KARACHI The Karachi stock market closed modestly higher on Friday, led by chemical and fertiliser sectors, on hopes of strong corporate results due to be announced next week. The Karachi Stock Exchanges benchmark 100-share index rose 0.27 percent, or 31.69 points, to close at 11,684.23 compared to the previous level of 11,652.54. Market turnover declined to 56.84 million shares from 89.02 million shares traded on Thursday. The KSE market capitalization was recorded at Rs3, 113.45 billion or $36.96 billion while total trading value came at Rs2.82 billion or 33.46 million respectively. The KSE 30-index closed at 11,396.00, up 31.79 points or 0.28 per cent. KSE future volumes came at 3.23 million shares while its value was at Rs466.38 million with 9.20 per cent spread. Lotte Pakistan PTA, Jahangir Siddiqui & Co. Fauji Fertilizer Bin Qasim Limited, Fuji Fertilizer Co and Azgard Nine were the top five volume leaders on the equity market. Despite major corporate result announcements expected next week, the market failed to develop any momentum, losing 1.9 per cent or 222 points weak-on-weak to close at 11,684 level, according to JS weekly report. Average daily volumes dropped to a 29 week low of 61 million shares (down 17pcWoW). However, macro data released during the outgoing week remained encouraging, with remittances and exports reaching record highs in the month of March. Moreover, foreign outflows stood at US$3.0 million during the week, the report said. HBL initiated the result season on the last trading day, posting strong unconsolidated PAT of Rs4.7bn (diluted EPS Rs4.27) in 1Q2011, up 30 per cent YoY. The banks sturdy performance is reflected in its rising share price up 17 per cent in the last month alone, the report said. However, upcoming announcements have failed to trigger any sort of rally, largely owing to a lack of any major dividend announcements. Moreover, summer floods resulting in reduced GDP growth outlook, recent turmoil between USA & Pak on Raymond Davis issue limiting foreign interest, and imposition of the flood tax, have also been key reasons for low investor interest, it added. During this week, total investment at KSE under the mechanism of margin trading system (MTS) stood at Rs340 million at a rate of 16.99 per cent, the report revealed.