KARACHI: Bull-run continued to take the stocks to new highs after scaling record high of 33,000 points as Karachi Stock Exchange benchmark 100-index added another 183.06 points or 0.55 percent to climb up to 33300.53 points in early trading on Friday.
Though it is Friday, the last working day of the trading week, yet the sentiment are high and the market took full advantage of the traders confidence. The stocks closed at all-time high on Thursday amid speculations ahead of earnings announcements.
According to analyst, trade remained high on expectations for cut in SBP policy rate expected on Jan 15 after sharp fall in T-bill yields up to 34bps in the Wednesday auction. Expectations for higher sales of OMCs on lower crude oil prices, improved cement off-take data for Dec’14 and speculations for firm gas availability to Engro Fertilizers played a catalyst role in bullish activity at KSE.
They claimed that recovery in global oil prices forced local bourse to cross 33,000 points level for the first time ever.