KARACHI For the first time ever, the benchmark KSE-100 Index reached at 34014.26 points level after advancing by 227.82 points or 0.67 percent due to continued institutional support catapulted Karachi Index to cross the barrier.
In hope that government will release payment to PSO in the wake of the oil crisis, the Pakistan State Oil closed 5pc up. Engro also gained 5pc up amid institutional interest.
The market opened the week on a bullish note crossing the 34,000 level after the PTI refrained from announcing any immediate plans to hold protests, said Ovais Ahsan at JS Global. The Oil & Gas sector led gains with OGDC up by 2.3pc rallying on the back of some strength in global crude oil prices.
Engro Corporation increased 5pc continued to defy gravity. Pakistan State Oil gain 4.7pc rallied on prospects of the government injecting liquidity into the cash strapped energy chain after the fuel shortage in the country slipped into dire straits. High dividend yield also drew interest of investors with KAPCO add 2.23pc and Fauji Fertilizer up by 0.8pc on the gainers list.
Prior to SBP Policy rate announcement on Dec 24, speculations continued despite pressure on late session profit taking. Hopes for release of funds to ailing energy sector impacted by circular debt crisis and oil shortages in the country, strong earnings outlook in fertilizer and cement sector played a catalyst role in bullish activity at KSE, commented analyst Ahsan Mehanti.
