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Closing: KSE-100 continues positive rally, adds 35pts as MQM strike ends

Closing: KSE-100 continues positive rally, adds 35pts as MQM strike ends

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 35.13 points or 0.10 percent to reach 34443.87 points and volume of 274,973,170 shares on Friday.

The KSE-100 Index surged by 198.18 points or 0.58 percent to 34606.92 points and 153,115,840 till mid day trade  as normality returned after the partial closure of business activities on the call made by MQM on Thursday.

Earlier the other day, stocks showed recovery led by selected scrips across the board on strong valuations while the KSE-100 Index gains 21.88 points to close at 34,408.74 points. The High and Low were 34606.92 and 34408.74 respectively.

The High and Low were 34620.53 and 34348.23 respectively while the total volume traded was 274,973,170.

Positive impact of lower interest rates on high leveraged Engro, falling fuel costs and coal prices on cement sector played a catalyst role in positive sentiments at KSE, as per a market watcher. Earlier, the bourse witnessed a volatile session with lackluster volumes due to the political unrest.

After international oil prices fell to six year lows near $44/barrel, pressure in oil stocks led the index to trade in narrow range on Wednesday. Market remained ranged bound with declining volumes. Rally was seen in Engro shares in expectation of turnaround in 2015 profitability. Trade remained thin amid shutdown strike call by MQM.