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Closing: KSE 100-index gains 279pts or 0.81% as global equities rebounds

Closing: KSE 100-index gains 279pts or 0.81% as global equities rebounds

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 279.04 points or 0.81 percent to reach 34726.51 points and volume of 178,402,590shares on Monday.
Earlier, the Karachi stocks started week, having rollercoaster ride as KSE-100 index witnessed rise and sharp fall in early trading. However, the market gained 20.49 points to come back on track and reached 34467.96 points level.
Last week, a huge volatility was recorded in the Karachi market following the trend in regional equities and commodities markets. The KSE-100 after falling by 4 per cent on Monday recovered to close down by 0.2% WoW. Rate cut and change in reserve requirement ratios by China on Wednesday were the catalyst for recovery in global markets in the later part of the week. Foreigners remained net sellers in Pakistani market during the week as they sold shares worth $42.2m. Their total net selling for the month has now reached US$79.9mn while their 2015YTD net selling has reached US$175.7mn.
During the week, meltdown in global equities and currencies sparked a firestorm at the Karachi Stock Exchange (KSE) as well, as the benchmark KSE-100 index shed 6.1% during the last two trading sessions.
JS Global, in its weekly report, observed meltdown in global equities and currencies on concerns over slowing global economy and further devaluation of Chinese currency sparked a firestorm at the Karachi Stock Exchange (KSE) as well, as the benchmark KSE 100-index shed 4.
Speculations ahead of CPI inflation data release for Aug’15, upbeat fertilizers consumption data release by NFDC for Apr-Jun’15 and stable economic outlook played a catalyst role in bullish close, stated analyst Ahsan Mehanti.
High and low were 34810.75 and 34316.17 respectively. Total volume traded in the market was 178,402,590 shares.