KARACHI -Stocks closed bullish amid thin trade led by oversold oil stocks on strong valuations. Mainly led by banking and oil stocks market gained some ground after a steep fall of 591 points in last 3 trading sessions.

KSE-100 share index posted a fresh gain of 180.99 points or 0.64 percent to stop the day at 28511.02 points compared to 28330.03 points of the previous day.  Analyst at Arif Habib Corp, Ahsan Mehanti said FBR officials statement on no increase in sales tax, bullish global stocks on strong US economic data, Improving SBP economic indicators and government efforts to ease political uncertainty through gas shifting plans played a catalyst role in positive sentiments at KSE despite pressure in energy sector following IPPs plan to cut power generation.

KSE-Allshare index added 147.38 points or 0.70 percent to end the day at 21297.42 points, KSE-30 index up by 157.46 points or 0.80 percent to finish the session at 19921.54 points while KMI-30 index increased by 318.69 points or 0.71 percent to end the day at 45505.43 points.  The day turnover of market was 132.849 million shares compared to 134.129 million shares of the previous day. Volume climbed to Rs 6.185 billion from Rs 6.123 billion while the capitalisation of the market maintained at Rs 6.821 trillion after opening at Rs 6.778 trillion.

A dealer at KSE said PPL, MCB, PSO, and OGDC recovered on average 2pc after declining in previous sessions. PSO gained after Government’s decision to immediately release Rs20b on account of circular debt. Fertilizer stocks however declined after Government announced its gas load management plans which will divert gas from fertilizer sector to power generation.

Trading took place in 346 companies where gainers outnumbered the losers 191 to 129 while the value of 26 stocks remained intact. Unilever FoodsXD was the biggest price gainer of the day up by Rs 398.99 to Rs 7676.76 followed by Hinopak Motor added Rs 20.98 to Rs 398.76. Refhan Maize SPOT and Phillip Morris Pak were the top price gainers of the day up by Rs 250 to Rs 10650 and Rs 38.79 to Rs 814.76.

BYCO remained the volume leader with 11m shares after announcing better than 1Q September result yesterday and its sponsors’ intention to sell their stake in the company. The second highest was KEL with 7m shares after announcing the initiation of un-bundling of core functions of power generation, transmission/ distribution into separate entities. It was followed by PTCL.AXD with 6.673 million shares shed by Re 0.64 to Rs 28, TRG Pakistan Ltd with 6.619 million shares off by Re 0.03 to Rs 14.37 and Avanceon LtdXDXB with 4.884 million shares without any change settled at Rs 26.65.