The bulls overwhelmed the bears at the Karachi stock market last week as the bourse remained fully responsive to different changes taking place at national and international level. The KSE 100-index gained 433.22 points to close at 8,541.22 points compared with 8,108 points of the previous week. Investors took position in blue chips on account of good results announcements in banks, oil and cement sectors. While, production increase in Kandhkot field owned by PPL, rise in international oil prices and expectation on issue of Rs.90 billion bonds on August 31 for resolution of circular debt issue of OMCs, IPPs, and refineries played a key role in positive activity at the local bourse. Reduction in discount of Pakistani bonds listed in international market, provided yet another trigger to the local bourses, wherein, the sentiment was reestablished by the cheapest stock of oil and gas exploration sector, PPL as buying by both local and foreign participants continued, thus, extending the momentum other stocks of the sector. Being heavily weighed, the gains allowed the benchmark to continue the momentum. Analysts said other major factors that supported the market included rise in international oil prices, local and foreign buying in the leading oil shares triggered by reports that the government has released Rs90 billion to clear, in part, the total circular debt of Rs204 billion and continued foreign interest. The turnover was recorded at 162.002 million shares as compared to 118.872 million shares of the previous week, reflecting a massive rise of 43.130 million shares. After the S&P upgraded Pakistans sovereign credit ratings to 'B- from 'CCC+, proposal of relaunching CFS, this time, supported by a larger population kept the sentiments of the traders high and KSE crossed the psychological mark of 8,500 during the week. The Karachi stock market started the business week with over 8,108 mark. The details of the week is as, the first day of business week, Monday witnessed the KSE started operation with a very positive note as KSE 100-index added another 179 points. Market showed its real power as it gained momentum from the beginning of the day. While, the KSE-30 index closed 225.45 points up at 8,818.15 points. The market volume stood at 147.502 million shares. The very next day, Tuesday, the KSE 100-index lost the upward movement due to profit taking; shedding 40 points to close at 8,246 points. After registering record gains of over 170 points, market corrected itself with a tune of 40-point loss. Investors at the market remained concerned over outstanding circular debt issue, affecting OMCs, refineries & IPPs. Profit taking in blue chips near close of session led the market to close negatively. The KSE 30-index closed at 8,816.02 points, showing a loss of 2.13 points. Trading activity of the stock exchange further improved to 187.685 million shares. However, on Wednesday, the bulls returned to the stock market after last day correction as the KSE-100 index stepped further ahead with a gain of 73 points to close at 8,320 points. Rise in international equity markets, continuing foreign interest in telecom, banks, oil sectors and expected issue of Rs 90b TFCs on Aug 27 for settlement of circular debt issue between IPPs, OMCs and refineries played a key role in positive activity at the KSE. Foreign investors made a net investment of $ 4.10 million (gross buy $ 7.99 million, gross sell $ 3.89 million). Trading activity was minimal as the ready market volume squeezed to 151.197 million shares. On Thursday, the local equity market witnessed mixed activity on profit-taking by institutions and retail investors as the KSE 100-index shed 4 points to close at 8,315 points. Profit taking in PSO and NBP on account of rising circular debt and expectation of falling financial results led to negative activity at the close. Local bourse stayed in a narrow band, declining trend in international oil prices initiated off-loading in expensive oil and gas exploration stocks, while sector stocks trading at comparatively low multiples witnessed accumulation on dips by both corporate and individual participants. Besides the mentioned sector, group specific stocks invited turnover while overall market mainly high price stocks witnessed off-loading. Trading activity dropped to 118.974 million shares. The last day of the business week Friday proved to be a lucky day for the stock market as the KSE 100-index gained 226 points; crossing the psychological barrier of 8,500 on the back of foreign investment in oil and bank sectors. The index closed the week at 8,541 points. Investors took position in blue chips on account of good results announcements in banks, oil and cement sectors. While, production increase in Kandhkot field owned by PPL, rise in international oil prices and expectation on issue of Rs.90 billion bonds on August 31 for resolution of circular debt issue of OMCs, IPPs, and refineries played a key role in positive activity at the local bourse. Trading activity was much healthier. The ready market volume stood at 204.652 million shares.