Karachi - After a dull start, the stock market witnessed positivity to close at 32,736.44 points on Thursday, up by 487.58 points or 1.5 per cent.

Market participants remained largely bullish across the board. A sharp recovery in WTI and Brent helped the oil & gas sector to post strong recoveries with HASCOL, PSO, PPL, OGDC and SHEL ending higher by 5%, 1.3%, 3.9%, 2.2% and 2.9% respectively. Rumors surfaced in the market that BYCO may post profits after a history of losses, attracting investor interest in the same.  Finance Minister Ishaq Dar in a statement issued in London hinted towards a possible discount rate cut which also proved to be a positive trigger for the market. Amongst significant news, PAEL continued its upward journey to close at Rs64.75, up by 4.3%. Relatively undervalued banking scripts also posted recoveries as HBL, UBL and FABL closed positive, observed analyst Muhammed Mobeen. Volumes rose to 373m shares (Rs.16.6b/USD166m) compared to month-to-date average of 251m shares (Rs13b/USD133m).

Increasing international Arab light and Brent prices helped local oil stocks rallying with OGDC up 2%, PPL 3.8%, POL 2.8%. The Supreme Court on Wednesday dismissed government review petition against Gas Infrastructure Development Cess (GIDC). This helped cements and fertilizer stocks to post gains, commented analyst Samar Iqbal. Bullish activity witnessed at KSE after surge in global commodities as dollar weakened. Renewed foreign interest and IMF Fiscal Monitor 2015 report on forecast economic growth at 4.3pc and projected decline in net debt impacted the sentiments. Trade was led by leveraged second and third tier stocks on improving earnings outlook and hopes for SBP rate cut next month, stated analyst Ahsan Mehanti.