KARACHI: Pakistan equities on first day of the trading week remained in the tight grip of bulls as a strongly positive sentiments helped benchmark KSE 100 index to take giant leap by historical 1,565 points, 3.2 percent, to hit 50,121 level. Market opened gap up and increased steadily during the day as notable blue chips across major sectors including MSCI EM constituents bounced back on buying reportedly by locals institutional investors as they cherry-picked names after recent bout of heavy FII sell off in days leading up to and post MSCI transition. Last weeks sharp dip reopened attractive valuations. Investors also tracked news flow pertaining to global crude, where Saudi-led alliance cut ties with Qatar that led to an intra-day surge in crude prices, and built position in local energy stocks, Ali Raza, analyst at Elixir Securities said. At session’s end, all major sectors closed in green zone led by Financials where index heavy Habib Bank and United Bank contributed most to day’s gains. Top 10 index point leaders were HBL (+4.2%), UBL (+5%), ENGRO (+4.8%), LUCK (+3.5%), PPL (+3.4%), DGKC (+4.9%), SNGP (+5%), DAWH (+4.9%), MCB (+2.6%) & BAHL (+5%), with combined contribution of 706 points. On the sector front, Banks added 419 points, followed by Cements 209 points, Fertilizer 177 points and E&P’s 128 points. Sui Southern Gas (SSGC) reported better than expected FY16 result (LPS Rs 6.7), which led the stock to its upper limit (+5%). SSGC in its result notice stated that it has reversed late payment surcharge to the tune of Rs17.5 billion, which was booked as an expense on delayed payables pertaining to gas supplied by E&P companies with effect from July 1, 2012 to June 30, 2015. Had this reversal not been taken, losses for SSGC would have been higher for the year. On Monday market participation was mixed, as volumes increased 15% to 255 million shares while traded value fell by 12% to Rs 13.9 billion/$132 million. Shares of 391 companies were traded of which 325 closed in green, 49 suffer declined and 17 remained unchanged. Bank of Punjab with 26 million shares topped the list of volume leader followed by Power Cement 20 million, K-Electric 14 million, Bank of Punjab 9 million and Aisha Steel Mill with 8 million shares traded at the bourse. Analyst expect gains to consolidate above 5O,000 level in the near-term while institutional activity both from foreign and local investors will guide the market in the medium-term. Moreover, successful implementation of leveraged product planned for early next week is also expected to channel fresh liquidity in the system and will help absorb and counter any concerns on recent foreign outflow.