KARACHI: Snapping the prolonged losing streak with strong recovery, the benchmark KSE-100 Index advanced by 346.41 points or 1.06 per cent to reach 32,929.09.
After the steep decline in stock prices, investors’ interest in attractive valuations was thought to be the major positive factor. The confidence was created after suggestions that SECP and the stock brokers had reached some sort of agreement over the recent inquiries conducted by the regulator into insider trading.
“Strong recovery was led by UBL, MCB and HUBC. These three stocks contributed 23pc to the flight of KSE-100 index,” an expert said.
MLCF, which hit its ‘upper circuit’, led the cement stocks upsurge, a dealer said. Oil sector closed in the green zone due to slight recovery in global oil prices.
Foreign investors during the week remained net sellers of $28.49m worth stocks, adding to the outflows recorded the previous week. The index continued its losing streak during the week, falling by 335 points (1.01pc), the weekend report by AKD Securities concluded. Average daily trading volumes turned 18pc lower week-on-week to stand at 142m shares.
