Stocks settle at record 48,240 in New Year rally
KARACHI: Trading at the stock market got off to a storming start on the first trading day of the New Year on Monday. The KSE-100 index broke through the 48,000 barrier and galloped 433 points (0.91 per cent) to close on a historic high at 48,240 points.
It marked sixth consecutive session of gains at the market. The benchmark touched intraday high of 48,357.57 points.
Overall, volume decreased by 2.8pc over the last session to 376m shares, while trading value remained flat at Rs18.8bn. K-Electric and DSL led the volumes chart with collective contribution of 74m shares.
Ahsan Mehanti at Arif Habib Corp stated that stocks closed bullish amid institutional interest in fertilisers, banking and oil scrips on investor speculations ahead of earning season.