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Eight-day rally pushes index above 42,000
KARACHI: Dramatic ups and downs were seen at the stock market on Friday where the KSE-100 index moved in minutes, in concert with the news flow. The index finally closed with a gain of 287.99 points (0.69 per cent) to settle at 42,004.09.
The market got off on a sluggish note as investors fretted over the ongoing protests on the Supreme Court’s judgement. In the first session, the index hit intraday low by 109 points.
Later in the day, news of eye-popping Chinese financial package of $6 billion resulted in trading terminals hit by an avalanche of buy orders which tossed the index up by 200 points in a matter of minutes. The fiery bulls then continued to charge ahead all the way to take the index to intraday high by 528 points.