Index soars 469 points as foreign selling subsides
KARACHI: Investors’ confidence surged on Monday as they sensed slowdown in selling by foreign investors and witnessed the rise in international crude prices to a six-month high.
The rupee’s recovery against the dollar provided further impetus to investors to build fresh positions in stocks across all sectors.
All of that propelled the KSE-100 index to a new all-time high of 43,739.97 points, representing robust gains of 469.07 points (1.08 per cent).
Data released by the National Clearing Company of Pakistan provided comfort to investors as it showed net foreign buying worth $0.84 million on Monday. It was a departure from the huge foreign sell-off amounting to $125.7m in November.
Overall, volumes decreased 8pc over the previous session to 346m shares while the trading value increased 12pc to Rs14.1 billion.