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Stocks gain 157 points on select buying
KARACHI: The stock market took a turn for the better on Monday with the KSE 100 index adding 157.49 points (0.37 per cent) to close at 42,745.78.
The upturn surprised most of the market participants in the absence of any encouraging news on the macroeconomic front especially when the country’s current account deficit (CAD) ballooned to $2.2 billion during the first month (July) of this fiscal year.
Investors, desperate for triggers, may have taken heart from the recent foreign exchange reserves figure, which rose by $82 million over the preceding week. On the political front, risk of opposition-nominated president being elected to power was thought to have subsided, which encouraged buyers to cherry-pick stocks at attractive levels.