KARACHI - The Karachi stock market saw heavy buying on Thursday amid record earning announcements in the stocks of oil and energy sectors across the board. The governments plan of floating convertible bonds of PPL and OGDC through initial public offering at the local equity market also pushed the index upward. In addition, rise in global stock markets also boosted the investors sentiments. The Karachi Stock Exchanges benchmark 100-share index increased by 178.53 points or 1.52 per cent to close at 11,923.59 points on the market turnover of 71.12 million shares. The KSE market capitalization amounted to Rs3, 172.23 billion or $37.60 billon while total ready market volume was recorded at Rs4.78 billion or 56.68 million respectively. The KSE 30-index ended 1.18 per cent or 135.02 points higher at 11,579.97 points. KSE future volume stood at 4.03 million shares and its value was at Rs567.42 million shares with 2.97 per cent spread rate. Foreign interest in blue chip scrips on higher global commodity prices after US Brent crossed $124 a barrel and expectations for the early release of next IMF tranche for Pakistans economic support played a catalyst role in bullish activity at KSE, said a market analyst. Rising local cement, fertilizer and oil prices affected the institutional investor sentiment despite concerns for energy shortages in the country, which has been affecting industrial production, he said. Hefty volumes and gains in OGDC, offering wide spread trading opportunities to the market men, allowed the benchmark to continue scoring. The governments plan of bringing public offer of PPL and convertible bonds of OGDC, besides addressing fiscal issues will certainly inject fresh liquidity in the financial circuit that has been deserted due to ballooning circular debt said another market analyst. The materialization of this plan will indeed allow the exploration and various listed companies feeling the heat of financial crunch due to circular debt to continue with the expansion plans and cash payouts to the share holders, thus keeping the interest of the local participants alive in the beneficiary stocks, he added.