Index surges 1,051 points as JIT submits report
KARACHI: A relief rally right before the close of the market on Monday saw the KSE-100 index propel 1,051.66 points (2.33 per cent) to settle at 46,273.81.
The benchmark opened the session on a negative note as the much-awaited JIT report was scheduled to be submitted on Monday. Most market participants and analysts said the order of the Supreme Court that adjourned the proceedings until next week went well with the investors and triggered buying on attractive valuations as the index had already plunged 14.8pc from its May 25 peak.
The figures released by the National Clearing Company of Pakistan revealed that lead buyers on Monday were mutual funds who cherry- picked stocks worth $15.4 million. While individuals ditched shares worth $14.7m, the sell-off seemed to have been absorbed by the brokers’ proprietary accounts, which showed net purchases of $8.1m.