KARACHI - Karachi stock market closed bullish on Thursday amid cautious activity on uncertain global equities and commodities. The KSE 100-share index rallied by 191.66 points to close at 33211.92 points.

Likely release of 9th IMF tranche post review next week supporting rupee stability against greenback, upbeat cement sales data for Nov’15, renewed institutional interest in oversold oil, banking and cement stocks played a catalyst role in bullish activity despite various concerns, stated analyst Ahsan Mehanti.

Market continued its bullish momentum in the absence of any major foreign selling. Investors remained active in banking stocks in anticipation of better December 2015 result. Stocks like MCB gained 2.5% and UBL rallied 3.61%, observed Mohammad Rizwan Head of Sales Topline Securities.

PSO rallied 3.5% as market participants expect some relief in circular debt on the back of falling furnace oil prices. Pharma stocks like FEROZ and SEARL rallied 5% and 3.3% respectively owing to improved sector dynamics, we believe.

Total volume decreased to 171m shares as compared to 195m shares of Wednesday while traded value stood at Rs8.8b.

Major activity was witnessed in the stocks of Sui South Gas, K-Electric and Sui North Gas with traded volumes 16.4m, 12.6m and 10.5m shares respectively.

Of total 347 companies that participated in the session, 171 finished in green, 159 in red, while 17 went unchanged.