Stocks gain 176 points on institutional buying
KARACHI: The stock market started the trading week on bullish note with KSE-100 index posting a gain of 176.39 points (0.41 per cent) to close at 43,539.60.
The market shrugged off the previous week’s dullness and opened positive with the benchmark index rising to the intraday high by 257 points before some profit-taking saw the index slip into the red with intraday low by 51 points.
A major market participant said that the institutional investors were encouraged by the the meeting of Pakistan Stock Exchange delegation with Dr Miftah Ismail, Adviser to the Prime Minister on Finance, on Sunday.
While institutions were active, individuals’ participation was lacklustre which pulled the volume down by 40pc over the previous session to 116 million shares while the traded value declined by 22pc to Rs5,258m.