KARACHI: Snapping the losing streak, the stocks partly recovered losses as the benchmark KSE-100 index closed higher by 156.78 points at 33,943.20 with foreign investors came to the rescue with net purchases of $2.25m stocks.
Nevertheless, volume fell to 250 million shares from 324m, and traded value to Rs14.8 billion from Rs19.1bn. Although local participants remained cautious, foreign investors came to the rescue with net purchases of $2.25m stocks. They took fresh positions in banks, and oil and gas sectors which received net inflows of $1.4m and $1.6m, respectively.
The stocks showed recovery amid investors’ interest in oversold scrips across the board after the Securities and Exchange Commission of Pakistan (SECP) extended stock settlement bank date to May 15, an expert said. Rebound in international oil prices and speculations ahead of major earnings announcements next week played a catalyst role in bullish activity in a volatile session at the KSE.
An AKD Research report observed that except Friday the local equities remained in the red for the entire week with the KSE-100 seeing its biggest weekly drop of 714 points, or 2.05pc, this year.
