Stocks jump 341 points on local buying
KARACHI: Investors kept up the buying momentum on last trading day of the week with the KSE-100 index adding 340.69 points (0.91 per cent) and close at 37,583.89.
The market has surprised the best among the pundits with a consistent run up so that the stocks have rallied in 11 out of the last 12 trading days.
On Friday, the index dipped for a shortwhile by 18 points, but was able to keep its head above the water largely in both the sessions with closing seen near intraday high of 392 points.
Buying was spearheaded by the individuals who purchased shares of $2.52 million followed by mutual funds — the major sellers during the year — taking fresh position in stocks worth $2.45m.
There was some slight nervousness among analysts as the leading buyers in the current run have been individuals with minimal institutional participation on the buying side. While improving macroeconomic indicators have provided faith to investors who view the future with optimism, any instability on the political side and concerns of an over-bought market are keeping institutional investors cautious.