KARACHI - The stock market opened the week on a bullish note as optimism on Pakistan receiving IMF loan disbursements by end of Dec-2014 remained high.

At local equity market, benchmark KSE 100-share index posted a fresh gain of 235.78 points or 0.78 percent to end the day at 30394.41 points as compared to 30158.63 points of the last working day on Friday.  Faran Rizvi, Senior Manager Equity Sales at JS Securities, said that the IMF mission chief to Pakistan was quoted by the media hinting at a possible release of two tranches worth $1.1b simultaneously by year-end.  He said the banking sector was the main index driver with MCB Bank +1.5% and Habib Bank +4.8% gaining on expectation of record profitability and secondary offerings in the sector.

Engro Corporation +2.4% gained on expectation of an improved bottom line for its fertilizer unit as GIDC tax status remained in limbo after the Supreme Court declared the imposition illegal last week. OGDC - 0.5% was the major lagging mover as its secondary offering was allowed by the Supreme Court but investors expect the deal to go through at some discount to market prices, he added.

KSE allshare-index grew by 153.08 points or 0.69 per cent to close the trading at 22233.46 points, KSE-30 extended by 133.60 points or 0.66 per cent to end the session at 20509.91 points while KMI-30 went higher by 255.64 points or 0.52 percent to conclude the session at 49125.41 points.

The day turnover of market was 251.735 million shares after opening at 230.002 million shares and the value of traded shares climbed to Rs 10.263 billion from Rs 8.759 billion while the capitalization of the market maintained at Rs 7.048 trillion as compared to 7.001 trillion of the previous session.

Trading took place in 430 companies where 261 closed in positive and 151 in negative while the values of 18 stocks remained intact. Rafhan maize was the biggest price loser of the day, decreased by Rs 599.95 to Rs 11400, followed by Pak Tobacco, down by Rs 44.70 to Rs 849.30.

Nestle Pak and Bata (Pak) were the biggest gainers of the day, up by Rs 151 to Rs 7750 and Rs 67.50 to Rs 3267.50.

Active list was topped by Ghani Automobile with 21.698 million shares, shed Re 0.11 to Rs 6.69. Dewan motors was the second highest on volume chart with 13.007 million shares as it closed at Rs 9.75 after opening at Rs 10.20. It was follow by Media Times Ltd with 10.159 million shares, up by Re 0.38 to Rs 2.71, Askari bank with 9.955 million shares, grew by Re 0.59 to Rs 22.59 and JS Co with 8.991 million shares, gained Re 0.47 to Rs 10.37.