KSE index breaches 35,000-point barrier

Published February 4, 2015
Pedestrians walk past the Karachi Stock Exchange (KSE) in Karachi on November 5, 2014.— AFP/File
Pedestrians walk past the Karachi Stock Exchange (KSE) in Karachi on November 5, 2014.— AFP/File

KARACHI: The bullish momentum in the Karachi Stock Exchange continued on Wednesday with the benchmark 100-index breaching the 35,000-point barrier for the first time.

Stocks extended their rally owing to the rise of oil prices in the international market, as the KSE-100 index gained more than 200 points or 0.6 per cent on Wednesday.

Moreover, the corporate financial results have also begun coming in showing positive results in most cases.

Both factors combined result in the high trading activity by foreign and local investors.

The KSE-100 index gained 150.20 points, or 0.43 per cent, on Tuesday to settle at an all-time high of 34,826.51 points. Overseas investors swi­t­ched to the oil and gas sector with the increase in oil prices.

“While the rise in international oil prices kept investors’ interest alive in the heavyweight energy stocks, cement stocks saw profit-taking after rallying in the last few sessions,” analysts said.

Analyst Ahsan Mehanti at Arif Habib Corp observed that the stocks closed on a new all-time high, led by blue chip oil stocks amid sharp recovery in WTI crude oil, crossing the $51/barrel. Favourable CPI inflation data for January 2015 at 3.88pc YoY renewed hopes for disbursement of $550m tranche following IMF review and expectations of key announcements on privatisation of state-owned enterprises (SOEs) played a catalyst role in bullish acti­vity at KSE.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.