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Closing: KSE 100-index bounces 65pts, up 0.20% on global recovery

Closing: KSE 100-index bounces 65pts, up 0.20% on global recovery

 

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 65.29 points or 0.20 percent to reach 32826.24 points and volume of 67,841,120 shares on Monday.
Till midday, the KSE remained in negative zone as 100-index shed 74.34 points to reach 32686.61 points level.

Earlier, the stocks again started week with negative note as the Karachi Stock Exchange benchmark KSE-100 index lost 225.30 points to drop to 32535.65 points level.

Last week, political unrest and concerns over NAB investigations against brokers and industrialists kept sentiments jittery at the Karachi Stock Exchange (KSE) as average trading volumes plummeted to 17-weeks low of 135 million shares per day.

Moreover, fears of continuous foreign selling and uncertainty over Fed interest rate hike in the region further deterred fresh buying in the market. As a result, the benchmark KSE-100 index closed lower at 32,761, down 2.7 percent WoW. Of the major sectors, E&Ps fell by 5.4 per cent WoW despite rebound in international crude oil prices (+5 per cent WoW to $47/bbl), while banks declined by 4.2 per cent WoW following a cut in policy rate.
High and low were 32843.37 and 32474.16 respectively. Total volume traded in the market was 67,841,120shares.