KARACHI - The local shares market witnessed bearish activity on Thursday in anticipation for the launch of ready board leverage product by the Security and Exchange Commission of Pakistan soon. The benchmark KSE 100-index closed higher at the level of 12,359.06, up116.67 points or 0.95 per cent. The index had ended at 12,242.39 level on Wednesday. Market turnover increased to 123.39 million shares as against of 76.369 million worth of shares traded previously. According to a daily market report, KSE capitalisation also soared to Rs3, 340.51 billion or $39.05 billion. Total ready market value stood at Rs5.14 billion or $60.13 million. The report revealed that KSE 30-index ended higher at 12,041.16 level, adding 189.28 points or 1.60 per cent to the index. Future volume recorded at 5.30 million shares while value came at Rs663.94 million with 4.18 per cent spread. Top five volume leaders at the market included: Lotte Pakistan PTA, Azgard Nine, Fauji Fertilizer Bin Qasim Limited, Jahangir Siddiqui Co. and Sui Southern Gas Company Limited. Bullish activity was seen in scrips across the board ahead of major earning announcements next week. Rise in US Brent crude over $102 and renewed foreign interest played a catalyst role in positive activity at KSE despite investors concern over rising circular debt and soaring fiscal deficit, said Ahsan Mehanti, Director, Arif Habib Investments Limited. Rumors of ready board leverage introduction that firmed up before market open, allowed the benchmark a positive opening, said Hasnain Asghar Ali, an analyst at Aziz Fida Husein & Co. He said the numbers duly increased on back of technical recovery, where-in stocks trading with dividends and yielding in double digits, mainly in the sectors having least impact of the economic uncertainties along with some mid-tier stocks, invited wide spread buying while high priced stocks exposed to likely sell-off barely managed to sustain marginal gains attained during early trade, turnover was poured in by substantial activity in LOTPTA, by the local participants. Although badla rumor has been a regular sedative in restricting the market from loosing ground in the environment wherein macro situation might mot allow the benchmark to sustain the levels, governments efforts of reducing expenditure and curtailing inflation if implemented with latter and spirit, might however reduce burden on sensitive indicators, coupled with economic betterment, the impact of leverage is likely to allow positive sentiments backed with turnover, since various valuations are likely to improve after introduction of much awaited leverage despite being on stringent side, the sellers did took a breather, according to an analyst.