Stocks manage modest gains despite profit-taking
KARACHI: The momentum of the strong recent rally that saw over 1,000 points gain in the last two days sustained in the early hours of trading on Wednesday with the KSE-100 index rising by 260 points testing the intra-day new all-time high at 39,291.65.
However, the risk appetite of investors seemed to wane mid-day and the index retreated to retain modest gains of 17.84 points (0.05 per cent) and close at 39,049.46.
Volumes during the day were down 21pc to 196m shares, while the traded value decreased 18pc to Rs15.2bn over the earlier day. The significant feature was the continuous foreign buying. On Wednesday foreign fund managers bought stocks worth $7.1m. It marked the fourth consecutive day of net foreign buying taking the aggregate inflows during July to $24.1m.