KSE index crosses 50,000 level
KARACHI: Bulls continued to rampage through the stock market on Monday as the KSE-100 index made stunning gains for the fourth consecutive session.
It crossed the 50,000-point level for the first time in three months with massive gains of 403 points or 0.8 per cent to close at 50,112.
Institutional buying fuelled the rally with mutual funds in the lead. Foreign investors also bought stocks worth $4.2 million, a refreshing change from incessant selling.
The benchmark index plummeted 3,300 points or 7pc between Jan 17 and April 18 due to political uncertainty.
“Interestingly, what the index lost in three months was recovered in just four sessions as it raced at breakneck speed,” JS Global Chief Commercial Officer Khurram Schehzad said.
The volume rose 1pc over the last session to 400 million shares while the value drifted down 8pc to Rs22.2 billion.