KARACHI: Stocks bounced back on Thursday with the KSE-100 index recovering 330.52 points (0.97 per cent) to settle at 34,264.56.

A bevy of positive news including a World Bank report forecasting 4.5pc GDP growth for this fiscal year, the government handing over 280 hectares of land to China Overseas Port Holding for the development of Gwadar port and Moody`s upgrading Pakistan`s banking system outlook to `stable` drove the market in the positive direction.

Trading volume rose to 168 million shares of Rs8.8 billion value, as large-cap stocks changed hands.

Foreigners sold stocks worth $1.73m. Individuals absorbed $1.38m of foreigners` sale.Analysts at JS Global said that ENGRO was the main index mover while SNGP (up0.94pc) was the volume leader of the day.

Cement companies, whichwill be key beneficiaries of demand arising from ChinaPakistan EconomicCorridor, rallied with DGKC up 1.64pc.

Analyst Ahsan Mehanti atArif Habib Corp stated that the stocl(s showed strong recovery after Moody`s lifted outlook of banking system and World Bank projected growth for 2015-16.

Pressure remained in oil stocks on falling global crude prices. Upbeat data of auto sales for Oct 2015 and investor interest in leverage stocks amid speculations ahead of SBP policy rate announcements next week played a catalyst role in bullish sentiments.

Dealers on sales desk at Global Securities stated that the market recovered as aggregate loss of about 400 points in the previous two sessions was all but without a sound reason.

`Unlike previous sessions, the market was driven by blue-chips where ENGRO (3.29pc), HBL (1.07pc), PKGS (5pc), FFC (0.9pc) and UBL (0.94pc) supported the market.