Stocks sustain gains above 42,000 level
KARACHI: Bulls extended the overnight rally on Friday with the KSE-100 index adding 529.82 points (1.27 per cent) to settle at 42,088.
The addition capped the strong weekly gains to 2,241 points (5.6pc).
The volume stood at 261m shares, up from 232m shares a day ago while the traded value also rose to Rs13 billion, from Rs11.5bn. According to figures released by the NCCPL, sell-off by foreign investors of $5.30m worth stocks was absorbed by banks which bought equity of net $5.50m.
Investors were encouraged by the progress and some clarity on legal issues faced by the former prime minister and expectations of a relief package for the market during the proposed stock market stakeholders’ meeting with the officials of the Finance Ministry on Saturday or early next week.
Elixir Securities stated that the morning session saw somewhat limited activity and range-bound trading where most volume went through in small and mid cap plays. However, from the onset of afternoon session, the KSE-100 index saw a sharp climb upward helped by gains in blue-chips across major sectors on reported local buying. The index made intraday high by 598 points.