KARACHI - The Karachi stock market closed at more than a 30-month high Thursday on strong valuations in the scrips of oil and gas and fertilizer sectors across the board, ahead of earnings announcement session. Bullish sentiments continued to hit retail and institutional investors in an anticipation of early approval of leverage products by the Security and Exchange Commission of Pakistan. The Karachi Stock Exchanges benchmark 100-share index ended 1.50 percent, or 182.63 points, up at 12,323.47, its highest close since June 2008. The index had closed at 12,140.84 on Wednesday. Volumes stood at 144.29 million shares against 168.22 million shares of Wednesday. Market capitalization amounted to Rs3, 336.28 billion or $38.89 billion. Ready market value accounted for Rs7.91 billion or $92.17 million. The KSE 30-index surged by 1.46 per cent or 171.15 points to close at the level of 11,888.43. KSE future volume came at 7.83 million shares while value stood at Rs1, 189.35 million with 1.12 per cent future spread. According to a market report, the local participants despite positive sentiments, stayed cautious, as depicted by declining trend in the turnover, nevertheless oil heavy weights made sure that the benchmark continues the trend of testing new highs of recent times. The leading stocks for oil and gas exploration stocks reinvited aggressive influx that not only pulled the bazaar from going into stagnation, massive rate appreciation gave the daring day traders ample trading opportunity, although the momentum did carry a color of speculative activity, various rumors regarding discoveries and high off-shore influx did allow the stocks to trade at new highs of recent times. Weighing the pros and cons of the likelihood of rollback of the fuel price increase, its tough financial implications on fiscal if the price hike is undone, and political repercussions if the decision of rollback is not executed, kept the local participants in a confused mode, adding to the uncertainty and nervousness was the objection raised by senate committee on the appointment of the new Security and Exchange Commission of Pakistan Chairman, thus restricting the investment horizon, despite aggressive support by the index heavy weights.