KARACHI - Stocks on Friday closed bullish led by selected stocks across the board after upbeat data for CPI inflation at 1.3pc YoY and falling NSS rates renewed hopes for SBP policy rates revisions next month.

The benchmark KSE-100 posted a gain of 219.42 points or 0.6pc to close at 32,969.73 points.

Recovery was witnessed in today’s session as the index closed up 0.67pc with respectable volumes of over 211m shares. Cherry picking continued in the cement sector where FCCL up 2.25pc and CHCC rose 2.03pc were the top gainers of the day. On the back of cheap valuations interest was seen in the E&P sector where BYCO increased 1.63pc was amongst the volume leaders today trading close to 13m shares today, while top performing script of the sector were Hascol up 3.66pc and NRL 3.43pc respectively, stated analyst Ahmed Saeed Khan.

Global equities rebound, expected release of $375m against US Coalition Support Fund and positive economic outlook played a catalyst role in the bullish close amid higher trades at KSE, observed analyst Ahsan Mehanti.

Major activity was witnessed in the shares of K-Electric, TRG, Byco Petroleum with 27m shares, 22m shares and 13m shares respectively.

The KSE-100 index started the week range-bound with lackluster interest amidst a flurry of negative news and weak sentiments but with SECP’s clarification regarding ongoing proceedings against some brokers helped alleviate concerns and inject euphoria into the market, stated weekly report of JS Global.

Moreover, positive news flow in the macroeconomic landscape (Eurobond issuance and multi-year low CPI numbers) announced during the week injected further optimism into the market. As a result, index ended the week in the positive zone at 32,970pts, translating into up 0.4pc on a WoW basis with major activity observed in Oil & Gas rose 1.1pc WoW and Cements up 0.7pc WoW.

Banks on the other hand, were pushed further down by -1.1pc WoW in response to low inflation numbers which incited expectations of further rate cut in upcoming MPS.