Index bounces back on aggressive foreign buying
KARACHI: Stocks were back on the track, restarting their northward journey on Tuesday.
The KSE-100 index gained 592.19 points (1.40 per cent) and closed at 42,939.68 helping it recover almost all of the losses of the previous day.
While political uncertainty still lingers on, the investors were comforted following the announcement of a one-day protest by Tahirul Qadri, against the market expectation of a long sit-in.
Some strategists believed that the investors seemed to have shaken off the fear of political disturbances over the ‘fear of missing out’.
After their lackluster participation last year, foreign investors have stepped in far too quickly in 2018, purchasing stocks worth $64 million to date, whereas mutual funds have bought stocks of $1.15m only while banks have sold-off equities worth $21m.