KARACHI: After taking a breather a day earlier, bulls stormed forward on Wednesday where the KSE-100 index crashed through the strong barrier of 45,000 points and clocked in massive gains of 503 points or 1.13 per cent to climb to 31-month high at 45,153 points.
The index settled at just 40 points short of the day’s high of 45,194 points. Market capitalisation saw addition of Rs95 billion in a single day.
The significant feature of the day was the surprise buying by foreign investors of stocks worth $1.37 million. Among local participants, only companies matched that figure with net purchases of equity amounting to $1.62m.
Investors picked up equities from across the sectors which included exploration and poduction on account of spike in international oil price on the conclusion of agreement among OPEC+ countries.
In this file photo, Pakistani stockbrokers watch the latest shear prices on a digital board during a trading session at the Karachi Stock Exchange (KSE). AFP/File
KARACHI: Stocks snapped the four-day winning streak as the KSE-100 index after a volatile session finished flat with a minor loss of 36 points or 0.1 per cent at 44,460 points.
The market opened in the red taking cue from regional bourses which remained under pressure due to drop in international oil prices. During the day, the market took investors on a roller coaster ride, making intraday high and low by 144 and 228 points.
Market saw profit booking in power, oil and gas marketing companies and fertiliser sector stocks. Cement and steel sector stocks bounced back today after the sell-off a day earlier. Cement sector showed signs of recovery as local dispatches posted growth of 17.5pc in December with total dispatches of 4.788 million tonnes.