KARACHI - At last, bulls dominated the local bourse after a gap of five days as SBP hinted discount rate cut in next monetary policy review and on bright hopes that IMF would approve an additional $4 billion in funding next week. The KSE 100-index gained 229 points or 3.06 percent to close at 7,720.93 points on Friday. Besides this, record cement sale dispatches this month and favourable outlook on result in oil, banking and cement sectors played a key role for positive activity on the last trading day of the week. Positivism linked to IMF tranche, approval of extended aid facility and healthy remarks by SBP Governor regarding high liquidity available with local banks and instructions of the authority to extend loans to private sectors geared up seasoned players, said market expert Hasnain Asghar Ali. Short covering thereby allowed the local equity market to end the five day long bearish spell, technical bounce back allowed the bench mark to register triple digit gain. Since the recovery was initiated with low turnover, mainly due to absence of ready board leverage, sideliners preferred to continue with wait and watch strategy while the liquid participants staged price inflation as the suspense regarding interest rate cut and declining trend in dollar reserves along with weakening of local currency stayed points of concern. The local bourse opened in red zone on the last trading day with a gain of 24.42 points and unlike the past few sessions, index maintained the positive stance till the end of the day. Trading activity was much healthier as compared to the last trading session. The ready market volume stood at 141.204 million shares as compared to last trading sessions 100.511 million shares. Total trading value of the KSE increased to Rs 6.103b from Rs 4.106b of last session. Market capitalisation stands over Rs 2.214tr. Out of 366 actively traded scrips at the stock exchange, as many as 258 advanced, 89 declined and the value of the shares of 19 cos remained unchanged. Confidence expressed by the finance minister regarding materialisation of funds committed at friends forum and inflow on account of war on terror, did act as a catalyst in improving confidence level of participants of the economy. Governments commitment of ending the issue of circular debt in next 15 days got a reflection at the local equity market thus allowing an across the board activity. Moreover, permission granted to CCP by IHC to continue proceedings against cement manufacturers although failed to get market reaction due to improved fundamentals mainly on high exports and weak local economy, cautious profit taking was evident with some exceptions. New highs registered by dollar against local currency and suspense regarding decline in local fuel prices kept the nervousness alive, thus disallowing aggressive participation despite huge gains, expressed a stock broker. Fauji Cement remained the volume leader of the day with the trading of 10.890 million shares on Friday, followed by AHSL with 9.080m shares, JSCL 8.769m shares, Pace Pak 7.507m sh-ares, WorldCall Telecom 6.997m shares, OGDC 6.188m shares, ANL 5.976m shares, PTCL 5.655m shares, DGKC 5.594m shares, Kohin-oor Textile 5.151m shares namely. Leading gainers at the market include Unilever Food, up by massive Rs67.50/share to close at Rs1,417.50 with the trading of only 1 share, Rafhan Maize added Rs40/share, closing at Rs1,700, Unilever Pak gained Rs36.11/share and its total value was improved to Rs2,127.49, Bata Pak up by Rs24.52/share and closed at Rs650.07, Wyeth Pak gained Rs16/share to close at Rs1,316, Treet Corporation added Rs15.34/share to close at Rs400.34. On the other side, Siemens Pak Engineering lost Rs23.37/share to close at Rs1,076.63, Nestle Pak down by Rs10/share, closing at Rs1,100 with the trading of only 25 shares on Friday, Pak Engineering lost Rs8.10/share and its value was decreased to Rs160.17, KSB Pumps down by Rs3.76/share Al-Ghazi Tractor lost Rs3.43/share and closed at Rs159.56, Gatron Industries down by Rs3.08/share to close at Rs58.92. SADIQ RIZVI