Stocks rally as buying spree continues
KARACHI: Stocks extended the rally into the third day on Friday with the KSE-100 index notching up gains of 169.88 points (0.48 per cent) and settling down for the week-end at 35,572.95.
The first session saw the market in choppy trade that tipped towards profit-taking as the index drifted down to intra-day low by 107 points.
The bulls managed to make their way into the market in the second session and the index surged to intra-day high by 256 points. Despite being the last trading day of the week which also saw a major fall in the value of the rupee against the dollar, institutions and local institutions, fearful of missing out, decided to build fresh positions in equities.
The investors were also engaged in anticipatory buying ahead of the Market Support Fund expected to start its buying next week.
Foreign investors sold equity worth $6.53 million which was absorbed by local participants.