KARACHI - Stocks showed strong recovery after global stocks and commodities rallied on Federal Reserve chairman decision to maintain US stimulus programme.

At local equity market benchmark KSE-100 share index posted a fresh gain of 526.92 points or 2.30 percent to conclude the day’s trading at 23456.98 points compared to 22930.06 points of the previous day.

Institutional interest witnessed in stocks across the board amid higher trades despite rising security unrest in the city. Easing political concerns after political leadership patch up on targeted operations in the city affected the sentiments.

Renewed foreign interest in oversold stocks played a catalyst role in bullish activity at KSE, analyst observed.

KSE-Allshare index up by 373.87 points or 2.27 percent to stop the day at 16831.19 points, KSE-30 share index grew by 412.61 points or 2.35 percent to finish the day at 17956.05 points while KMI-30 share index increased by 560.04 points or 1.46 percent to close the day at 39009.23 points.

Dealers said improving global equity markets and stability in Pak rupee helped restore investors’ sentiments at local bourse. Healthy foreign buying a day before also boosted the sentiments. Continuous interest in banking stocks while renewed buying in oil exploration companies and Engro Corp also witnessed. Benchmark index gained 2.3pc with decent volumes. Most of the banks like UBL, National Bank and Bank Al-Habib closed at their upper circuit breakers. While BoP led the volume followed by Nib Bank and National Bank. Renewed buying interest in Engro Corp also helped it closed 5pc up. Total 224 companies witnessed price escalation while 104 closed in negative.

Market traded 253.907 million shares after opening at 222.268 million shares and the value of traded shares was climbed to Rs 8.941 billion from Rs 7.927 billion. Capitalisation of local bourse settled at Rs 5.515 trillion compared to 5.396 trillion of a day earlier.

Trading took place in 358 companies where gainers beat the losers 233 to 107 while the value of 18 companies remained intact. Wyeth Pak Limited and Island Textile were the top price gainers of the day extended by Rs 169.42 to Rs 3640 and Rs 45.89 to Rs 963.87. Siemens Textile sand Bahanero Textile were led the downhill trend down by Rs 24.76 to 967 and Rs 20.95 to Rs 398.05.

In the top ten scrips, Bank of Punjab hold the first position with 28.288 million shares as it closed at Rs 13.10 after opening at Rs 12.64. NIB Bank Limited was on the second position with 19 million shares grew by Re 0.33 to Rs 2.67. It was followed by National Bank with 15.245 million shares up by Rs 2.62 to Rs 55.08, PIAC(A) with 14.487 million shares shed by Re 0.05 to Rs 8.50 and Askari Bank (R) with 13.258 million shares increased by Re 0.66 to Rs 4.17.