KARACHI – Till mid day trading on Friday, the Karachi Stock Exchange continued upward streak with the benchmark 100-index surged to 34795.77 with positive change of 123.52 points or 0.36 percent owing to the rise of oil prices in the international market.
The stocks are on a new all-time high, led by blue chip oil stocks amid sharp recovery in WTI crude oil, crossing the $51/barrel. Favourable CPI inflation data for January 2015 at 3.88pc YoY renewed hopes for disbursement of $550m tranche following IMF review and expectations of key announcements on privatisation of state-owned enterprises (SOEs) played a catalyst role in bullish activity at the Karachi Stock Exchange.
High and Low were 34844.20 and 34672.25 respectively with total volume of 91,584,720 traded in the market. On the last day closing, the KSE-100 index had gained more than 200 points or 0.6 per cent. Meanwhile, the corporate financial results showed positive results in most cases.
The KSE-100 index gained 150.20 points, or 0.43 per cent, on Tuesday to settle at an all-time high of 34,826.51 points. Overseas investors switched to the oil and gas sector with the increase in oil prices. An expert said while the rise in international oil prices kept investors’ interest alive in the heavyweight energy stocks, cement stocks saw profit-taking after rallying in the last few sessions.
