Karachi - Stocks closed bullish on institutional interest in oversold oil and banking stocks after IMF approval on $ 540m third loan tranche.

Bench mark posted a fresh gain of 278.73 points or 1.06 per cent to end the day at 26670.14 points compared to 26391.41 points of the previous day.

Analyst at Arif Habib Ahsan mehanti said rising fertilizer off-take, higher local cement prices and rising international oil prices played a catalyst role in bullish sentiments at KSE despite concerns for impact on Pakistan exports of recent rupee appreciation. KSE-All share up by 250.61 points or 1.27 per cent to close the day at 20033.11 points, KSE-30 index gained 217.90 points or 1.16 per cent to finish the day at 18928.39 points while KMI-30 added 404.24 points or 0.92 per cent to finish the session at 44420.77 points.  Market traded 111.998m shares after opening at 108.770m shares and the value of traded shares was settled at Rs 6.284 from Rs 6.352. The capitalisation of the local bourse was Rs 6.462 trillion compared to Rs 6.381 trillion of a day earlier.  A dealer at KSE said approval of IMF tranche of around $550m and expectations of further currency appreciation with increasing country foreign reserves, market recovered 1pc after falling around 3pc in last 2 trading sessions.  Index heavy weight stocks like OGDC, MCB, POL and PSO, which have been major losers in last few trading sessions, witnessed renewed buying interest. Cement stocks also remained in limelight amid expectations of better sales for March quarter. Engro Fertilizer closed 5pc up after Government’s decision of maintaining gas prices.

Trading took place in 338 companies where gainers outnumbered the losers 202 to 113 while the value of 23 stocks remain intact. Highest  increased was witnessed in the price of Rafhan Maize XD up by Rs 396.50 to Rs 8496.50 followed by Nestle Pak gained Rs 100 to Rs 8950. Downward trend were led by Bata (Pak) and Sapphire Fiber decreased by Rs 54.93 to Rs 2678.40 and Rs 13.55 to Rs 295.50.  TRG led the volume as 11.247m shares exchanged hands while share price declined by Re 0.20 to Rs 14.08. It was followed by Engro Fertilizer with 6.523 million shares up by Rs 2.45 to Rs 59.40, Fauji Cement XD with 5.910m shares up by Re 0.07 to Rs 17.06, Lafarge Pak with 4.708m shares shed by Re 0.04 to Rs 11.16 and Fatima Fertilizer with 4.559m shares added Rs 1.27 to Rs 31.97.