KARACHI - Bargain hunters snapped up stocks - especially in the banking sector - driving prices up 2.2 per cent at Wednesdays close and recovering from a previous close that was the lowest of the year. The Karachi Stock Exchange (KSE) benchmark 100-share index rose 2.20 percent, or 204.88 points, to end at 9,499.06 points. Turnover rose to 114 million shares, compared with 94.12 million shares traded on Tuesday. The KSE-index closed at 9,294.18 points on Tuesday, its lowest close since Dec. 21, 2009. The KSE 30-index closed at 9422.78 with a gain of 64.833 points. The KMI 30-index closed at 14513.23 with a gain of 258.95 points. All shares index closed at 6662.38 with a gain of 147.38 points. Trading activity was better as compared to the last trading session as the ready market volume stood at 114.380 million as compared to last trading sessions 95.047m. Future market volume however stood at 6.332mn shares as compared to 4.258 million shares of last trading session. Market capitalization stood over Rs2.685tr. Total trades increased to 78,620 as compared to last trading sessions 61,871. 312 companies advanced, 77 declined and 11 remained unchanged. Highest volumes were witnessed in LOTPTA at 18.259 million, closed at Rs9.14 with a gain of Re1.00, followed by PTC at 6.552 million, closed at Rs19.90 with a gain of Re0.39, and JSCL at 6.071 million, closed at Rs11.08 with a gain of Re1.00. Ahsan Mehanti, Chief Executive Officer at Shahzad Chamdia Securities, said, Approval of margin finance product by law ministry, rumours on capital gains regulation/CFS product approval played a catalyst role in positive activity at KSE. Hasnain Asghar Ali at Aziz Fidahusein said, Technical recovery led activity was quite prominent from the opening bell, accumulation in mid-tier stocks triggered bull-run that soon had a spill over effect. Thus, influencing smart recovery in main board stocks as well. Although turnover failed to come at par with the gains, day traders well capitalized the opportunities of short term trades. He said the sentiment booster was undoubtedly positive activity in investment (securities) companies, since the stocks have registered an average decline of almost 45% against the decline of 14% in the benchmark, high quantum activity besides improving the sentiment provided opportunity of short-term activity to the day traders. He further said the only step that can revive the local bourse, revival of CFS (not margin financing) did came in as a rumour thus allowing the sentiment to prevail throughout the session along with corporate support in the identified stocks, thus allowing the stakeholders a sigh of relief. Sighting the opportunity provided by the technical bounce back, the exit seekers mainly in the high priced stocks continued to dump the holdings, the fragility of the benchmark was taken care of, thus keeping the intensity of sell-off on the lower side, to avoid panic, which usually disallows smooth execution of selling orders he added. He said ability of the benchmark to sustain positive numbers sparked an across the board short covering, thus offering short term trading opportunities to the day traders besides pouring in some improved quality turnover.