KARACHI -  On first day of the month PSX witnessed fresh buying across the board as index gained 457 points or (0.93%) to close at 48,992 level. Bullish sentiments dominated the day as investors came in to accumulate new positions after joint press conference by PSX and SECP chairman yesterday in which they stated that in house financing is not concerning and they are taking regulatory measures to ensure small investors’ protection.

Scrips that took major beating in the recent bear run were the major gainers of today’s trading activity. HASCOL (rose 0.86%) gained to close in the green zone as the company clarified that there is no truth in the ongoing market rumor that claimed the company lost an arbitration case in UK, stated analyst Nabeel Haroon. Investor interest was seen in automobile sector as it gained to close (up 3.1%) higher. HCAR (4.57%) and MTL (5%) were among the major gainers of the automobile sector. ISL (higher 4.55%), INIL (4.42%) and STCL (3.04%) extended their previous day gain on the back of the news that LHC has not granted stay order on antidumping duty to importers. Investor interest was seen in both the gas utilities SNGPL and SSGC, as they gained to close on their respective upper circuit, dealers said.

Surge in global stocks, higher global crude prices, reports of rising urea sales and surge in local POL prices played a catalyst role in bullish close, market participants said.  Overall, volumes increased by 2.6 percent to 234 million shares, while traded value rose by 33 percent to Rs14.3 billion/$137 million.