Fertiliser sector helps stocks extend gains
KARACHI: Stocks recovered more of the lost ground on Thursday with the KSE-100 index accumulating gains of 334.91 points (0.89 per cent) to close at 37,982.25.
The extended rally took the two-day gains to 1,319 points. Early in the day, investors were again spooked by the uncertainty on Prime Minister Imran Khan’s statement regarding a possible avoidance of an International Monetary Fund programme. But market was able to absorb the news as finance ministry had already announced plans for negotiations with the IMF and the possible release of first tranche by mid-November to replenish dwindling foreign exchange reserves.
The index traded in a range of intraday high and low by 542 and 209 points. Investors were also encouraged by some better-than-expected financial results announced by companies.