KARACHI The Karachi stock market closed on a 29-month high on Wednesday, led by oil & gas and fertilizers sectors scrips on strong foreign interest and institutional buying on record earnings outlook. However volume was thin ahead of the long weekend as the stock market will be closed on Thursday (today) and Friday (tomorrow) because of Ashura. The Karachi Stock Exchange's benchmark 100-share index closed 0.97 percent, or 113.45 points, higher at 11,786.09, its highest close since July 2008. Trading activity was minimal as compared to the last trading session as the ready market volume stood at 12.012 million as compared to last trading sessions 14.232 million. Future market volume however stood at 4.01 million shares as compared to 2.83 million shares of last trading session. Market capitalization stood over Rs. 3.204 trillion. 187 companies advanced, 199 declined and 18 remained unchanged Ahsan Mehanti said, Bullish activity continued throughout the trading session, leading the market to 29-month high after biggest single day foreign inflow of $19.51m witnessed Tuesday, despite concerns over political uncertainty in the country triggered by exit of JUI-F from coalition government. He said higher global oil prices and rising global capital markets played a catalyst role in positive activity. He further informed, Technical indicators however suggest that the situation wherein volumes witness extreme decline, is usually followed by extreme session either upward or downward. Therefore, the expected wave in the making will provide substantial trading opportunities. It is therefore advised to await such a move for short-term trading, in main board stocks. He further added that positive update on implementation and release of regulations of the leverage product, return of turnover in main board stocks that has been contributed in previous sessions by the local financial groups and resident participants, may continue to invite high quantum trading activity, prolonged stagnation may however lead to low volume price erosion, caution therefore stays the call.