Next Capital Zulqarnain Khan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

KARACHI: The stock market snapped four-day losing streak on Thursday as the bulls appeared out of nowhere to toss the KSE-100 index up by 805 points, or 1.70 per cent, to close at 48,053 points. Traders and analysts fumbled for reasons to justify the massive rebound.
Market participants attributed the sudden surge of investors’ interest in equities to the decline in oil prices in the international market; Chinese Foreign Ministry’s spokesperson Zhao Lijian positive talk at the Gwadar Port and the government having raised Rs146bn through the PIBs auction where yield remained unchanged.
The developing situation in Afghanistan and the increase in Covid-19 cases for the first time in a week, were set aside. While those positives advanced by market gurus were convincing in varying degrees, the one major reason was the massive buying by mutual funds of stocks worth $12.7m. A fund manager said that “a leading state-owned pension fund” had invested huge idle sums in mutual ....

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