KARACHI: After an early morning inertia that saw the KSE-100 index slip by 81 points, the bulls were back with a vengeance to start afresh their northbound journey.
Investors began buying across the sectors but mainly in banks, fertiliser, exploration and production, which saw the index storm past 32,000 levels after 53 sessions to post massive gains of 628.56 points (1.99 per cent) and settle at 32,184.03. Intra-day, the index touched a high of 680 points.
Almost all the traders and analysts attributed the rejuvenation of investors’ interest to the central bank’s Pakistan Investment Bond auction results on Wednesday in which cutoff yield were down in range of 90-130 basis points, enabling investors to take a view on interest rates going forward.
Further, the Ministry of Finance geared up to remove hurdles in the issuance of Rs200 billion worth Pakistan Energy Sukuk-II in its meeting with lenders which triggered enthusiasm for equity investment.