Bulls in charge as Panama verdict jitters fade
KARACHI: Stocks extended their grand rally into the third day on Friday, with the benchmark KSE-100 index rallying by 965 points, or 1.98 per cent, to close at 49,709.
In the past three sessions, the benchmark index has notched as many as 2,835 points, representing a rise of 6pc.
The rally has been spearheaded by mutual funds, which picked up stocks worth $63 million in the last two days, i.e. Thursday and Friday.
The winning spree at the market was fuelled by the decision of the Supreme Court in the Panama Papers case.
Investors who had been waiting for months over the fate of the present government were relieved at the court’s verdict which allowed the prime minister to keep his job, though investigations would continue. “For the moment, investors have decided to take fresh positions in value scrips,” a stockbroker said.
On Friday, the market gained 600 points in the first half. But intense activity in the second half, despite the Friday factor, tossed the index to close at the day’s highest level.