KARACHI - Stocks on Tuesday closed higher, led by oil and fertilizers sector scrips on strong valuations. The KSE 100-index posted a fresh gain of 137.85 points to close at 32811.89 points.

On second consecutive day, investors took some fresh position in FFC, ENGRO and EFERT based on expectation of no increase in gas prices, stated dealers at Topline brokerage. Despite falling oil prices, news related to upward revision of well head prices helped PPL to close at upper cap. At closing of year, some year-end transactions were also witnessed in the market.

Total volume increased by 20% to 144m shares while traded value also increased by 19.7% to Rs 8.5b.

Higher global equities, speculations on likely revisions in well head gas prices for PPL in Sui fields, recovery in US crude prices and rising local fertilizer prices played a catalyst role in positive close amid pressure in banking stocks on record low banking spreads, observed analyst Ahsan Mehanti.

Major activity was witnessed in the stocks of TRG, Jah Sidd Co and Pak Elektron with volumes of 16m shares, 11m shares and 9m shares respectively.

Of total 337 traded companies 116 finished in green, 199 in red while 22 went unchanged.