KARACHI, March 7: The shares at the Karachi Stock Exchange posted gains in February that rivalled a single month ‘pre-floor’ high of 2008. During the month, the KSE-100 index climbed by a steep 1,002 points or 8.45 per cent to close at 12,877.

Average daily volumes during the month also soared to 184.89 million shares, from 74.52 million shares the month ago.

According to the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the net inflow of foreign funds in the equity market during February amounted to $8.17 million.

By end-Feb, net sales was worth $149.68 million and in the calendar year to end Feb net inflow was at $7.72 million. Analyst Salman Rasheed at brokerage Taurus Securities commented: “The buying activity in selective energy, banking, oil and fertilizer stocks on the back of renewed foreign interest was the main driver behind the positive movement in the Index.”

By March 7, the KSE benchmark had added another 368 points to13,245. The market took a breather on Wednesday, but a heavy net purchase of $3.18 million by foreigners during the day’s trading, was conspicuous by its presence.