Stocks add 103 points in unison with global trend
KARACHI: Stock market took investors on a roller- coaster ride on the last trading day of the week where the volatility intensified in the second session. The KSE-100 index managed to close with gains of 102.67 points (0.24 per cent) at 43,167.76.
Traders said the market was still in search of a direction, which could be provided by the State Bank monetary policy and the herald of corporate results reporting season next week.
AHL Research stated that by the end of session, news of further foreign inflows of $500 million made its way into the market. “The amount proved to be the highest amount in a single day yet.”
Analyst Ahsan Mehanti affirmed that stocks moved higher in line with the global bullish trend and uppish international oil prices. The upbeat data on foreign direct investment which surged by 68pc to $1.34 billion in Jul-Dec’19, record receipts in T-bills, rupee stability and fattening foreign exchange reserves played a catalyst in the positive closing.