KARACHI: The Karachi Stock Exchange (KSE) 100-index bounced back strongly on Wednesday and soared by 246.12 points to reach 29940.39 points with a volume of 110,960,050 shares as political tension soothe after the Pakistan Awami Tehreek (PAT) chief ended sit-ins in Islamabad after 67 days.
Bullish trend in international markets, Wall Street and Tokyo stocks also helped traders gain confidence. Asian stock markets climb amid hopes of fresh European stimulus also provided the much-needed stimulus to the KSE. Cement shares and LSM growth data also lead the market to the green zone.
Earlier, the KSE took a mammoth leap of 269.54 points in the beginning of the trading on Wednesday and extended this upward momentum till midday and recorded 323.58 points gain to reach 30017.85.
After six consecutive bearish days, Karachi Stock Exchange 100-Index witnessed positive rally and gained 246.12 points on Wednesday.
The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah.Sidd. Co, Engro Corporation while the UniLever Pak, Siemens Pakistan, Shield Corporation and Millat Tractors Ltd remained the biggest losers of the day.
As a whole 35.54 per cent of companies witnessed increase in their shares while 21.16 per cent lost their share value and 3.31 per cent companies remained stable.
High and Low were 30025.82 and 29694.27 respectively. Total volume traded in the market was 110,960,050 shares.
Market experts were of the view that gains at Asian markets and decision by PAT chief announced to end 67 days long sit-ins levitate confidence of investors and traders at stock market. “Investors played their cards more fearlessly and boldly as they deemed the decision of Tahirul Qadri, a move towards restoring political stability in the country in coming days,” they added.
On the other hand, Imran Khan said that he is not going anywhere and will stay here at D-Chowk until PM announces resignation.
