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Stocks stage 395-point rally as buying spree continues
KARACHI: The sustained rally in the stock market enthused investors to a buying spree that saw the KSE-100 index make another hefty gain of 394.92 points on Thursday to close at 32,478.98.
During the past 10 days of positive close, the index made cumulative gains of 1,727 points.
On the last trading day of the week, stocks took inspiration from regional and European markets.
The market opened on a positive note and was able to sustain its momentum on the back of expectations of recovery in global oil prices “as rumours about a potential deal between Russia and Opec to cut crude output surfaced”, said dealers at Global Securities.
Consequently, prices of oil scrips flared up — OGDC (2.81pc), PPL (3.01pc) and POL (4.76pc).