KARACHI - After 3 consecutive sessions of negativity, the oversold Karachi stock market witnessed bullish activity on Friday as bargain hunters accumulated shares at lower levels but turnover was low. The KSE 100-share index closed at 9,909.45 points after gaining 42.65 points. The KSE 30-index closed at 9611.68 points with a gain of 46.96 points. The KMI 30-index closed at 15524.43 points with a gain of 82.15 points. All share index closed at 6930.43 points with the gain of 34.41 points. Trading activity was better than previous session as the ready market volume stood at 4.8579 million as compared to previous sessions 3.940. Future market volume stood at 3.422 million as compared to 3.142 million of last session. 211 companies increased, 136 declined while 20 companies were unchanged. Highest trading was recorded at TRG Pakistan, as it shares stood at 7.056 million, closed at Rs3.86 with gain of Re0.57, followed by Lotte Pakistan, it stood at 3.635 million, closed at Rs8.58 with the gain of Re0.18. Ahsan Mehanti, Director Arif Habib Investments Limited, said renewed institutional and foreign interest in oversold scrips in oil & gas, banking, cements and fertilizer sector scrips supported the market, ignoring rumours of change, uncertainty over monetary policy announcement next week and rising concerns over government-judiciary conflict. He further said short-covering did offer respite after three consecutive sessions of negativity despite pressure exerted through ill liquid and expensive stocks having heavy weight in the benchmark. He said horrified by extremely low turnover, the benchmark opened in a deep negative zone on negligible turnover, however cued-up buyers in main board stocks disallowed price erosion amid low volumes to continue. Thereby, allowing the index a swift recovery. The extreme and unusual movement on extreme ends failed to find support of turnover. He added that ability of the benchmark to establish an intra-day support however did invite short-covering on the last day of roll over week from Sept to October forward counter. Low volumes and polluted macro environment however disallowed the potential buyers from improving the bids, thereby, leading to an extremely dull volume less session. He further added that, the add-ons on negativity, ballooned-up circular debt, likely adaptation and implementation of inflationary measures in order to continue uninterrupted debt supply by IMF, threat of unprecedented rise in local interest rates in upcoming monetary policies (status quo-50bps rise in upcoming policy rate review), weakening local currency against US $ that itself is losing ground against various international currencies and not to forget the ongoing judicial political rift, have seemingly kept the nervousness quite prominent.