KARACHI, Sept 28: Stocks ended higher on Friday led by the index-heavyweight OGDC which contributed 47 points following a rise in international oil prices while the cement sector remained in the limelight.

The KSE 100-share index gained 87.23 points, or 0.57 per cent to 15,444.82 points. Volume increased to 113.94 million shares, compared with 86.63 million shares traded on Thursday. Trading value also increased to Rs3.82 billion from Rs2.73 billion the previous day and market capitalisation rose to Rs3.9 trillion, compared with Thursday’s Rs3.88 trillion.

“Rebound in international oil prices renewed buying interest in oil stocks while better cement dispatches for September kept the sector on investors radar,” said Samar Iqbal, a dealer at Topline Securities Ltd.

Crude-oil futures in Asia extended overnight gains tracking a stronger euro and as positive developments in Spain and some encouraging economic data helped support investor sentiment.

OGDCL rose Rs3.33 to close at Rs179.38. Investors continued buying cement scrips as many of the cement companies were in the top 10 volume leaders on Friday on anticipation of improved dispatches for September.

“Speculations ahead of State Bank policy rate announcement, due on Oct 5, strong valuations in bluechip stocks and renewed foreign interest played a catalyst role in bullish sentiments,” said Ahsan Mehanti of Arif Habib Corp. The State Bank of Pakistan is due to announce its monetary policy statement next week and analysts are expecting a cut of a 100 basis points in the policy rate as inflation has managed to remain in single digit. Inflation data is likely to be released on Monday.

Dealers said investors are slightly cautious about the IMF meetings which were originally scheduled for Dubai but according to reports the UAE Embassy refused visas to Pakistani authorities. Pakistan now will hold the talks on the technical level via video conferencing and an IMF team will come to Islamabad for policy-level talks as inflation has managed to remain in single digit.

Inflation data is likely to be released on Monday.

Foreign investors buy shares worth a net $135,329, compared to a net outflow of $147,853 on Thursday.

Mutual funds were the major buyers of equity with $2.62 million. The market capitalisation based KSE 30-index rose 0.78 per cent, or 100.25 points, to close at 13,029.44 points. Out of the 339 companies traded, the value of 175 increased, 146 decreased, while 18 remained unchanged.

Unilever Pakistan witnessed the highest increase in share value as it gained Rs300 to Rs9,700 followed by Unilever Food which was up by Rs50 to Rs3,500.

Rafhan Maize saw the largest fall as it shed Rs219.85 to Rs4,177.15 followed by Wyeth Pakistan Ltd which shed Rs21 to Rs850.

The list of top 10 volume leaders was topped by Bank Al-Habib which fell by 28 paisa to Rs28.31 on 13.63 million shares followed by DG Khan Cement, up Rs1.14 to Rs50.30 on 12.58 million shares and Lafarge Pakistan gained 22 paisa to Rs5.85 on 11 million shares.

JS Growth Fund ended 4 paisa lower at Rs7.56 on 5.23 million shares, Dewan Cement increased 33 paisa to Rs4.90 on 4.9 million shares, Fauji Cement rose 10 paisa to Rs6.37 on 4.1 million shares and Bank Alfalah shed 37 paisa to Rs15.93 on 3.92 million shares. PTCLA marginally rose 2 paisa to Rs19.37 on 3.66 million shares, United Bank ended Rs1.22 lower at Rs73.77 on 2.95 million shares and Fatima Fertiliser gained 53 paisa to close at Rs24.16 on 2.85 million shares.