Karachi stocks hit record high, crossing 31,000 points
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KARACHI: Karachi stocks hit an all-time high on Monday with an increase of 1.14 per cent or 351.79 points reported to take the 100-share index at 31,281.83 points.
The Karachi Stock Exchange's (KSE) index moving past 31,000 points is a positive sign towards country's economic revival.
Market rallied on International Monetary Fund likely release of second tranche in December. Oil and Gas Development Co Ltd closed 5pc up as Government cancelled its planned OGDCL offer helped index reaches new highs.
Read: Pakistani stocks close at record high
Investors' interest also remained focused in Textile and Cement stocks after reduction in electricity tariff and declining interest rates, said Samar Iqbal, a dealer at Topline Securities.
Oil and Gas Development Co Ltd rose 5pc to 236.27 rupees, while Pioneer Cement Ltd up 3.03pc to 69.05 rupees.
The rupee ended at 101.45/101.55 against the dollar, compared with Friday's close of 101.95/102.02. Overnight rates in the money market rose to 10.00 percent from Friday's close of 9.90 percent.
Earlier on Nov 5, the benchmark KSE index of 100 shares closed at 30,593 points.
Read: Qadri announces end to Islamabad sit-in
The previous peak of 30,474 points came in July, but the exchange plunged in August as opposition groups led by cricketer-turned-politician Imran Khan and firebrand cleric Tahirul Qadri began rallies and staged a sit-in outside parliament to try to topple the government of Prime Minister Nawaz Sharif.
Tensions peaked at the end of August when it appeared the military might intervene as it has previously. But the situation has since calmed down and Qadri called off his protest in the capital late last month.
Pakistan's long-moribund economy has been now showing some glimmers of revival under the Pakistan Muslim League - Nawaz (PML-N) led government.
Ratings agency Moody's had also upgraded the country's outlook to 'stable' from 'negative' in July, citing its improving external liquidity position and commitment to reforms.
