KARACHI - The Karachi stock market rebounded strongly on Thursday, with the KSE 100-share index closing near a 29-month high, led by foreign interest in oil & gas, banking and fertilizer scrips after international oil prices rose. Institutional interest in blue chip scrips continued throughout the session after global capital markets rally, despite concerns over rising T-bills, release of next IMF tranche and RGST approval. The Karachi Stock Exchanges benchmark 100-share index closed 1.08 percent, or 121.74 points, higher at 11,343.55, its highest close since July 2008. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 13.47 million as compared to last trading sessions 15.79 million. Future market volume however stood at 8.20 million shares as compared to 10.7 million shares of last trading session. Market capitalization stood over Rs. 3.093trillion. 215 companies advanced, 151 declined and 23 remained unchanged. Highest volumes were witnessed in Lotte Pakistan at 2.58 million, closed at Rs. 12.59 with a gain of Re. 0.42, followed by D.G.K Cement at 17.3 million, closed at Rs. 30.42 with a gain of Re. 0.82, and Nishat Mills Ltd at 9.20 milion, closed at Rs.61.98 with a gain of Rs. 2.85 Hasnain Asghar Ali said, Volume contribution by Mansha stocks supported by gains contributed by index heavy weight OGDC, allowed the local bourse to reflect positive stance. However after initial trading hour, extended stagnation disallowed the day traders from making fresh bets, while sell-on-strength stayed the strategy in the main board stocks, despite hike in international oil prices. He said later during the corporate influx in front line oil and gas stocks re-invited sensation for the sidelined participants, wherein gains were duly backed by turnover, while refineries and OMCs that initially struggled even to manage previous closings, re invited speculative buying thus allowing wider options to the day-traders. He said while liquid participants accumulated main board stocks having consistent dividend yields, despite all odds. Sound, echoing gora-buying in various main board stocks did invite snap rallies, which otherwise stay on top of sellers list, by the locals due to high leveraging and low contribution of core earnings in overall profitability. He said economic and financial woes, along with rising trend in T-bill rates, reaction awaited on various steps under taken and concessions to be asked for from IMF, its financial implications and the impact of leaks on the local and international politics have certainly kept the market men either on sidelines or they were seen trading at clipped potential.