KARACHI: The Karachi Stock Exchange hit back at bears and shrugged off scare of the impending political storm in the federal capital, gathering momentum for the upward march to reach 31479.66 points with consolidated gains of 255.92 points till midday trading on Wednesday.
The KSE share-100 index opened at overnight closing of 31,223 and appeared confidence, going up steadily. The market set the pace for the day trading, boosting confidence of the investors.
Though the traders exercised cautioned, the trading remained buoyant and the activities went smoothly.
It is to be noted that stocks closed lower amid institutional profit-taking ahead of “historic” protest rally called in by Pakistan Teheek-i-Insaf on Nov 30 in the federal capital.
Equity expert said political uncertainty, dismal data on LSM growth at 1.86pc YoY Jul-Sep ’14 and impact of circular debt in energy sector for power tariff cut by Nepra played a catalyst role in bearish activity at KSE.
The market has been on declining as investors remained skeptical ahead of PTI’s protest on Nov 30.
