Stocks drift higher on rising oil prices

Stocks closed higher on Monday led by oil companies amid surging global crude prices as well as the rupee’s recovery against the dollar. Arif Habib Corporation analyst Ahsan Mehanti said the decision by the State Bank of Pakistan to maintain the status quo over the policy rate, upbeat data on cement sales, which rose 37 per cent in August, and expanding banking spreads played the role of a catalyst in the positive close. The sales desk of the same brokerage mentioned that weekly trade began on a subdued note given that the benchmark index of representative shares remained in a tight range throughout the day. For upside potential to remain viable, the 46,000-point level has to be taken out and built on as support, it added. JS Global said investors should be on the lookout for any downsides as opportunities to buy shares in cement, technology and exploration and production sectors. As a result, the KSE-100 index settled at 45,803.19 points, up 49.67 points or 0.11pc from the preceding session.