Karachi: Pakistan Equities led by selected banking, oil and textile scrips on speculations ahead of quarterly financial results hit yet another all time high on Monday. The benchmark KSE 100 index gained 203.49 points to settle at 41403.97 level ahead of Ashura holidays. Autos and textile stocks outperformed the index on falling yen and rising cotton prices. Rising global crude oil prices, subdued noise over LoC aggression and speculation on positive outcome CPEC projects in the banking, steel and cement sectors played a catalyst role ahead of quarter end earning announcements at PSX, said senior analyst Ahsan Mehnti. Volumes on KSE 100 index shrank by almost 28 percent as compared to last week’s average as upcoming Muharram holidays put most participants in a snooze mood. Gains were primarily focused in select sideboards and relatively illiquid plays on retail-driven activity, while Index names traded lackluster and closed mixed amid thin participation from institutional investors, analysts at Elixir Securities said. Textile sector was in limelight on Monday with Nishat Mills and Nishat Chunian closing higher as investors bet on better relief measures in new textile package. According to market players in order to revive the country’s dwindling exports, down 13 percent YoY in FY16, government was considering certain amendments in the textile policy. In this regard, while textile policy FY14-19 has already lowered ERF and LTFF rates to 3 percent and 6 percent respectively, further proposed incentives in the form of increasing rebate, encouraging value-added, in the range of 4 to 6 percent, might be on the cards. Apart from increasing the rate, textile exporters are further seeking to claim the same on the whole FOB value of different textile products in the shape of Drawback of Local Taxes and Levy (DLTL) as opposed to rebate allowed on incremental exports. “In case the incentive package is approved in this form, the potential impact of the policy on textile sector is likely to be material. Potential earnings impact on the export oriented textile players where preliminary workings show GATM, NML, MSOT and NCL, KTML, SFL, ADML, & CRTM as key beneficiaries of the proposed incentive on account of higher percentage of export revenues. Remaining depressed for most part of the year on account of continuous decline in exports, we believe the said incentive package can rejuvenate interest in the textile sector”, said a report by AKD Securities. On Monday both Sui Northern Gas Company and Sui Southern Gas Company attracted interest on weekend news that country’s Oil and Gas regulator has approved gas price increase for the ongoing fiscal year. Meanwhile, Lucky Cements settled again below Rs 700 per share mark and contributed most to day’s losses with media reports of increase in duty by Afghanistan on Pakistan cement exports denting investors sentiments. Volumes on KSE All share index decline by almost 28 percent as compared to the previous day. Volumes were down to 363 million share as compared to 462 million shares traded on Friday. The trading value of shares also declined to Rs 11.9 billion from Rs 14 billion. Bank of Punjab remained the volume leader with 33 million shares traded followed by Japan Power (19 million), TRG Pakistan (13 million), Sui Northern gas (11 million), Summit Bank (10 million), WorldCall Telecom (9 million), and Colony Textile Mills (8 million).