Stocks add 389 points as volume hits year-high
KARACHI: Stocks extended the rally for the fourth consecutive session on Thursday with the KSE-100 index recording gains of 389 points (1.20 per cent) and settling at 32,752.26.
The investors’ optimism was underpinned by the anticipated meeting of businessmen with the army chief for greater security measures to increase economic activity. The euphoria gave investors reasons to set aside fears of the outcome of Financial Action Task Force, higher interest rate and inflationary pressures.
The market also did not follow the international stock market slump as investors entered in droves to pick up equities which pushed volumes to 11-month high at 324.1 million shares.
Although foreign investors went into sell-off mode disposing off equities worth $6.09m and banks followed with profit-taking of $1.37m, the liquidity was successfully mopped up by the companies that bought shares worth 2.48m; individuals and brokers who took fresh positions in shares valued at $2.12m and $1.27m, respectively.