Cement sector leads 550-point rally
KARACHI: Stocks climbed on last trading day of the week with the KSE-100 index recording gains of 550.23 points (1.50 per cent) to close at 37,337.87.
Market started out dull, opening in the red by 46 points and remained volatile in the first half with choppy trades. But the index staged a major rally in the second half mainly on reports of the Securities and Exchange Commission policy board giving approval of a market bailout fund with contributions from state-owned institutions. The formation of stock market support fund, which was vehemently denied by the regulator, was meant to avoid the danger of being downgraded to the MSCI Frontier Market from emerging in the next review due in June.
More confidence was provided to the investors by reports that Pakistan and the International Monetary Fund had concluded the talks for the bailout programme and agreed to move forward towards staff level agreement to finalise the memorandum of economic and financial policies.