Stocks gain 100 points on corporate results
KARACHI: Stock market was in bullish frame of mind on Wednesday as the KSE-100 index washed away some of the blood, resulting from the bear rampage a day ago that had dragged the index to a three-year low.
The market remained green on Wednesday with the index making intraday high by 329 points and closing with gain of 100 points (0.28 per cent) at 36,504.25.
Although traders could not advance strong positives that may have lifted the market, investors may have been comforted by the healthy earnings posted by major banks, Habib, United and MCB. Activity picked up pace on the speculation of positive upcoming corporate results, which encouraged participants to build positions early in cement, banks and chemicals.
In the final hours, profit-taking intensified to wipe off all of the intraday gains and index took a brief dip in the red, before value investors entered which provided support to the market.