KARACHI - Stocks closed bullish led by oil and telecom stocks on strong valuations. Investors took positions in growth stocks after strong earning announcements and recovery in global commodities.

At Karachi stock market benchmark KSE-100 share index posted a fresh gain of 102.40 points or 0.68 percent to stop the day’s trading at 15,253.71 points.

Analysts observed that improved refinery margins, renewed foreign interest, hopes for early settlement of judicial issues and improved economic outlook on back of lower expected CPI Inflation for August played a catalyst role in bullish sentiments despite concerns for rising circular debt in Pakistan Energy sector.

KSE-Allshare index added 72.55 points or 0.68 percent to conclude the day at 10,752.46 points, KSE-30 share index up by 79.87 points or 0.61 percent to close the day at 13,070.42 points while KMI-30 share index increased by 216.79 points or 0.81 percent to finish the day at 27,003.63 points.

Dealers said the index heavy weight oil and gas sector remained investors darling today with positive sentiment created by expectation of healthy payout by Pakistan Oil Fields and NRL. In addition, investor’s interest was also seen in telecom sector amid renewed hope of ICH related development. This spread to across the board buying which helped index to close at 52 weeks high. Volume remained healthy as it clocked above 200 million shares.

Turnover of share market in term of shares rose to 223.722 million shares from 203.644 million shares and the value of traded share was mounted to Rs 6.879 billion as compared to Rs 4.207 billion of a day earlier. Capitalidation of stock market settled at Rs 3.885 trillion after opening at Rs 3.861 trillion.

Trading took place in 325 companies where gainers held a strong lead over losers 198 to 101 while the values of 26 companies remained intact. Rafhan MaizeXD was the biggest price gainer of the day up by Rs 92.99 to Rs 3977.00 points followed by Bata (Pak) Limited enlarged by Rs 50.38 to conclude the day at Rs 1058.11 points. Wyeth Pak Limited and ZIL Limited were top losers of the day down by Rs 50.00 to Rs 960.00 and Rs 5.27 to Rs 103.00.

Active list was again topped by PTCLA 23.899 million shares. It was followed Telecard Limited, JS.Co, Engro Food Limited, B.O Punjab, WorlldCall Telecom., Fauji cement, Bank Alfalah, NIB Bank Limited and Dera Ghazi Khan Cement with 18.992 miilion, 16.571 million, 11.379 million, 11.340 million, 10.491 million 7.473 million, 7.228 million, 6.878 million and 6.343 million shares respectively.