KARACHI - The stocks closed more than 2 per cent higher at a 28-month closing high on Monday, led by foreign buying in blue chip shares. Rising banking spreads, Peak Gas production by Qadirpur gas field owned by OGDC, rising power tariffs, reconstruction activity in flood affected regions, expectation of early resolution of circular debt crises after foreign aid approval at Pakistan Development Forum and S&P stable long term outlook for Pakistan played a catalyst role in the positive activity. The Karachi Stock Exchanges benchmark 100-share index closed at 11,205.84 points after gaining 239.84 points, its highest close since July 2008. Turnover rose to 113.32 million shares from 74.21 million traded on Tuesday. The KSE 30-index closed at 10,837.18 points with a gain of 240.72 points. The KMI 30-index closed at 17,939.17 with a gain of 396.91 points. All shares index closed at 7789.39 with a loss of 19.44 points. Trading activity was better as compared to the last trading session as the ready market volume stood at 11.33 million as compared to last trading sessions 7.42 million. Future market volume however stood at 5.08 million shares as compared to 1.57 million shares of last trading session. Market capitalization stood over Rs. 3.058 trillion. 249 companies advanced, 104 declined and 25 remained unchanged. Highest volumes were witnessed in Jah. Sid. Co at 10.076 million, closed at Rs. 12.95 with a gain of Re. 0.40, followed by Lotte Pakistan at 9.33 million, closed at Rs. 11.88 with a loss of Re. 0.14, and Pak Oilfields at 5.61 million, closed at Rs. 268.36 with a gain of Rs. 12.77. Ahsan Mehanti said charged bulls enter the arena with a bang as the benchmark re-attained 11000, adding that across the board, activity staged the dice for bulls, thereby allowing the benchmark to register triple digit gains during early trade, wherein the gains were supported by OGDC (contributed more then 50% of the gains registered by the benchmark) and various index heavy weights initially with low volumes. He said while banking, fertilizer and cement stocks along with low priced stocks poured in sufficient volumes, the early entrants for short term gains made successful bets, before the local bourse entered the stagnation mode. He added that loud whispering of renewed buying interest by financial group and offshore participants in leading cement and banking sector stock provided short-term trading activity to the day traders while strength and quality turnover allowed the corporate participants various hedging options. He said while the sectors offering a complete currency and inflation hedge, the oil and gas exploration stocks on back of support by the local financial groups and government treasuries displayed unprecedented strength. He pointed out that although gains did invite resistance, limited options kept the buyers cued in, thereby keeping the local bourse on a gaining stream. He said threat from the monetary policy and various economic and financial fronts however stay in-tact, thereby keeping the trading horizon restricted, with monetary policy around the corner and various variables being followed indicating a likely increase in the local discount rates, unless of course political gains influence the formula, the stocks directly proportionate to the economic growth for better profitability.