KARACHI: Stocks defied overnight bearish trend and moved upwards in buoyant mood as benchmark KSE 100-index gained 66.31 points or 0.20 percent to reach 32735.04 points in early trading on Wednesday.
Though the market was dominated by the bears with the index closed 89 points in the red at 32668.73 points level, the Karachi Stock Exchange (KSE) appeared confident and began the day in a buoyant manner.
The market showed great resilience which boost confidence of the investor, keeping the index ticking upwards.
Analysts expect the market to remain positive and see the benchmark crossing the 33,000 level in the current week.
On Tuesday, the market witnessed a correction with participants booking profits at all time high level. Weakness in the regional markets was also a reason for the pessimism.
The star performer of the day was K-Electric as the stock price reached its all time high in the last 52 weeks. The stock optimism is derived from strong operational performance, new project initiations and expectation of payout to minority holders in the near future.
Uncertainty in global equity and commodities played a catalyst role in bearish activity at KSE despite support in selected cement stocks on rising dispatches data for Jul-Dec’14 and concerns for outcome of FFC legal recourse on gas distribution to Engro Fertilizers from Guddu Power Station, stated another market analyst.
