Stocks recover 295 points on buoyed sentiments
KARACHI: Stocks managed to make a breakthrough on Wednesday when the KSE-100 index recovered 295 points (or 0.80 per cent) to close at 38,820.
Early in the session, the index made the intraday high by 360 points. Investor sentiments were buoyed by the apparent stability in the foreign exchange market, which triggered value buying.
Market participants also sounded optimistic about the political situation as the prime minister was expected to address matters pertaining to reforms in the Federally Administered Tribal Areas in his meeting with parliamentary leaders on Friday.
The volume was down 40pc over the earlier day to 118 million shares as investors stuck to the sidelines in the wake of a weaker rupee and technical triggers.
Volume leaders were second-tier stocks. The value slipped 38pc to Rs8.68 billion. Foreign investors sold equities worth $2.77m while local participants, except individuals, were net buyers.