KARACHI – Thought the Karachi Stock Exchange snapped the week-long losing streak with 100 Index jumped to 34009.11 by 212.67 points or 0.63 percent in the early trading on Tuesday, the index till 13:13pm on the same day reversed some of the early gains and reached 33947.08 points.
From the last day closing, the 100 index till the mid day trading gained 150.64 points or 0.45 percent to reach 33947.08 points perhaps because of net purchases by foreign investors of stocks valued at $5.99m; the inflow being $4m in oil and gas and $1.0m in chemicals sectors as.
The High and Low were 34036.31 and 33796.44 respectively with the total volume traded in the market of 87,882,200. Earlier, the index had declined by 146.76 points or 0.43pc to 33,796.44 in addition to the heaviest weekly decline of 714 points or 2.05pc last week. It was a pleasant surprise for the market after persistent sale by foreigners. Among the local participants, both individual and institutional investors opted to take profit with the aggregate market volume down by 29pc to 177m shares and trading value reduced by Rs32pc to Rs10bn.
The gaining spree begins two days after a delegation of market participants, including the KSE board members, major brokers and heads of blue-chip companies flew over to London on Sunday to conduct road-shows. An expert said that observed that the market continued its bearish momentum. Cement sector remained depressed with profit-takers dominating the day.
