Stocks jump 295 points on individual buying
KARACHI: The stock market demonstrated bullish trend for the third day in succession with the KSE-100 index climbing 295 points (0.83 per cent) and settle down at 35,358.
Market men suggested that the investors had moved out of fixed savings into equity after the Central Directorate of National Savings (CDNS) decreased profit rates by 2.33 percentage points to 10.68pc on all savings schemes.
That made individuals the most aggressive buyers of equities on Wednesday with net purchases of shares worth $5.86m.
Investors also seemed to pull out of money market funds as the mutual funds sold shares of $4.02 million to meet redemptions. Intermarket Securities commented that CPI for October clocked in at 11.04pc; well above market consensus of 10.40pc.