KARACHI -  Stocks closed higher amid cautious activity ahead of SBP policy announcement on May 17. Market rallied by 1.36pc over WoW after MSCI review in which Pakistan weight increased by more than expectations.

KSE benchmark added 40.31 points or 0.14 percent during the last session of the trading week, closed at 28883.33 points compared to 28843.02 points of the previous day. 

Institutional support remained in selected textile and cement stocks on expectations for status quo in SBP policy rates. Speculations continued in the pre-budget rally related to textile sector rebates despite concerns for rising circular debt in energy sector, expert observed. Rising FX reserves and improving economic indicators on exports and home remittances impacted the sentiments, he added. KSE-Allshare grew by 25.99 points or 0.12 percent to finish the day at 21548.40 points, KSE-30 index off by 51.11 points or 0.26 percent stop the day at 19882.75 points while KMI-30 index increased by 41.74 points or 0.09 percent to conclude the session at 45920.10 points.  Samar Iqbal AVP at Topline said mixed activity was seen at local bourse after 2 days rally. Renewed interest was seen in textile sector as most of the stocks closed at upper circuit breaker in hope of potential relief package.

Volumes dropped by 38pc to 132.574 million shares compared to 213.744 million shares of the last day while the Value down by 15pc to Rs 7.122 billion from Rs 8.343 billion. Capitalisation of the market maintained at Rs 6.912 trillion.

Out of 375 companies, 224 closed in positive and 136 in negative while the value of 15 stocks remained intact. Highest decreased reflected in the price of Rafhan Maize XD down by Rs 269 to Rs 10221 follow by Wyeth Pak Ltd shed by Rs 100 to Rs 4300. Bata (Pak) XD and Siemens Pakistan were the biggest price gainers of the day up by Rs 170.11 to Rs 3572.39 and Rs 65.04 to Rs 1366.  KEL continued to lead the volume with 27.840 million shares up to Rs 7.26 after inclusion in MSCI FM index. Followed by NML with 6.709 million shares up by R 4.31 to Rs 113.81, Bank of Punjab with 5.818 million shares off by Re 0.17 to Rs 9.83, Chenab  Ltd. (Pref) 4.263 million shares added Re 0.44 to Rs 2.24 and Azgard Nine with 3.637 million shares up by Re 0.23 to Rs 6.54.