KARACHI – Till mid day on Friday, the benchmark KSE-100 Index jumped to 34033.07 points by increasing 246.65 points or 0.73 percent thwarting the impact of the profit taking at the Karachi Stock Exchange where the index was dragged down by 229 points.
The High and Low were 34071.29 and 33784.58 respectively. The other day, the investors opted out to go on profit-taking at the bourse. Correction wave continued at local bourse in spite of positive start of the trading session when it witnessed minor positive change. The investors preferred to book profits in overvalued stocks. Stocks such as cement, automobile and oil were seen in the limelight, experts say.
The High and Low were 33944.40 and 33784.58 respectively while total volume traded in the market was 37,192,200. At the market, the advance to decline ratio in the broader market remained in the favor of bears. Trading value at local bourse increased to Rs 12.1 billion against Rs 11.6 billion.
An analyst said there were foreign fund selling and some rumours in the market that triggered panic selling in the market. Uncertainty in the global commodities and consolidation after the earnings announcements played a catalytic role in the bearish activity at the KSE, despite support in selected auto and cement stocks after strong sales growth in January 2015.
