KARACHI - Approval of much awaited IMF loan with softer condition generated euphoria at local bourse that posted a gain of 2.8 per cent. Investors realized after reading IMF programme that interest rate may not rise immediately thereby providing the much needed boost to local equities that recently went under correction.

At local equity market, the benchmark KSE 100-share index gained 575.63 points or 2.63 per cent to stop the day at 22451.46 points as compared to 21875.83 points of the previous day.

Analyst at Arif Habib Ahsan Mehanti said stocks closed bullish in stocks across the board after IMF approval for $6.7b loan for economic reforms and federal cabinet decisions for targeted action to restore peace in the city easing political concerns.

Activity remained higher as global stock and commodities rally after congressional approval of military strikes on Syria. Easing fears for announcements on Sep 13 regarding major change in SBP policy rate after CPI stood below expectations at 8.55pc YoY this August played a catalyst role in bullish activity amid higher trades at KSE.

Samar Iqbal at Topline Securities said, cement stocks, NML, NCL, PTC, PSO, MCB, Engro, Egoods closed at their upper circuit breakers. While restructuring plan of PIA also helped the stock to close at its upper cap.

KSE allshare-index went higher by 316.22 points or 2 per cent to end the day at 16095.61 points, KSE 30-share index grew by 477.33 points or 2.81 percent to close the day at 17485.53 points while KMI 30-share index increased by 1042.85 points or 2.78 percent to conclude the session at 38519.35 points.

The day turnover of stock market in term of shares was 218.436 million shares after opening at 149.489 million shares and the value of traded shares climbed to Rs 8.432 billion from Rs 5.615 billion.  Capitalization of stock market settled at Rs 5.532 trillion as compared to Rs 5.432 trillion of a day earlier.

Trading took place in 335 companies where gainers held a strong lead over the losers by 264 to 49 while the values of 22 stocks remained intact. Nestle Pak led the down hill trend, decreased by Rs 307.50 to Rs 5842.50, followed by Khyber Textile, down by Rs 3.72 to Rs 70.81. Rafhan MaizeXD and Unilever Food were the top price gainers of the day, up by Rs 232.40 to Rs 4882.40 and Rs 180 to Rs 5180.

Active list was again topped by Fauji Cement with 27.576 million shares, extended by Re 0.74 to Rs 13.32. Maple Leaf Cement was on the second position with 22.595 million shares, with the addition of Rs 1.05 it closed at Rs 22.10. It was followed by BOP with 17.886 million, up by Re 0.59, Dera Ghazi Khan Cement with 11.149 million, grew by Rs 3.57, PTCLA XD with 9.846 million, rose by Rs 1.24, P.I.A.C (A) with 7.594 million, added Re 1, National Bank with 6.790 million, up by Re 0.91, Wateen Telecom Limited with 6.277 million, up by Rs 0.08, Pioneer Cement with 5.759 million, improved by Rs 1.15 and Engro Corporation with 4.885 million shares, up by Rs 6.92.