KARACHI: Bulls dominated the stock market on Tuesday and the KSE-100 Index posted a gain of 417.93 points or 1.27% to close at 33,202.87 points.

Oil sector led the rally due to recovery in international oil prices as POL, PPL and OGDC closed up 1.96%, 3.96% and 3.40% respectively. In Oil sector, PSO up 4.86% closed near its upper circuit due to rumors in the market of clearance of circular debt being a condition for next IMF tranche.

Mixed sentiments were witnessed in the cement sector as dispatches decline 4% MoM in Sep 2015. After yesterday’s negative sentiments in fertilizer sector due to decline in international urea prices bringing pressure to local manufactures to cut down prices, sector regained today as FATIMA, ENGRO and FFC closed up 0.78%, 2.07% and 0.55% respectively, observed analyst Arhum Ghous.

Today’s traded volume decreased to 148mn shares, down 11%, while traded value also declined by 7.5% to Rs8.5bn/US$81mn.

Stay order of Lahore high Court to stop NAB inquiry against Chairman of MCB Mian Mansha swing investor mood to take fresh positions in the market, stated dealers at Topline Securities.

News related to increase in telecom subscribers helped investors to take positions in stocks like, PTC, WTL and TELE which gained by 1.28- 1.80%.

PSO closed at its upper limit after company disclosed in its analyst briefing yesterday that circular debt wasn’t piling up.

Renewed interest was seen in index heavy weight stocks which includes HBL up 2.87%, PPL 4.62%, OGDC 3.98% and UBL up 1.4%, the dealers said.

Analyst Ahsan Mehanti said renewed hopes for SBP policy rates revisions next month after record low CPI Inflation data for Sep'15, global equities recovery, expected release of $375m against US Coalition Support Funds and WTI crude prices rally above $46/barrel played a catalyst role in the bullish close.