KARACHI - Led by oil scrips, Pakistan Stock Exchange on Friday showed strong recovery on rally in global equities after WTI crude oil bounce back over $31 per barrel.

The PSX 100-index went up by 197points to close at 30,949 points.

Regain of positive momentum in international oil and equity markets helped local bourse to close up 0.64%. Oil sector was strong yesterday due to higher oil prices, with POL & OGDC hitting upper limit. News of passage of PIA privatization bill helped investors to take fresh positions.

Better than expected Dec quarter announcement of HCAR tempted investors to build positions which helped stock close up by 2.2%, observed Hammad Aman at Equity Topline Securities.Traded volume decreased by 2.9% to 131m shares, while traded value decreased by 14.4% to Rs6.5b/$64m.

Institutional interest in cement and auto stocks on strong results supported the bullish sentiments. Speculations in oversold stocks and hopes for early privatization of SOEs played a catalyst role in bullish close in the earnings announcement session, stated analyst Ahsan Mehanti.

Major activity was witnessed in the stocks of PIA, TRG and Byco Petroleum with traded volumes of 25m shares, 20m and 7.3m shares respectively.