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Home / Markets / KSE 100-index hovers above 31,000pts; gains 341pts, up 1.11% to touch 31008.68pts

KSE 100-index hovers above 31,000pts; gains 341pts, up 1.11% to touch 31008.68pts

KARACHI: Stocks remained buoyant and steady, trekking upward, though benchmark 100-index came down from 31069.61 points in early trading to 31008.68 points, it managed to sustaining 341.54 percent or 1.11 percent higher till midday trading on Thursday.

The Karachi Stock Exchange which has been volatile so far in this week, bounced in a confident manner and gained 402.47 points or 1.31 percent to climb up to 31069.61 percent from the overnight closing 30667.14 points in early trading on Thursday.

The market opened at the overnight closing of 30667.14 points and steadily started upward journey to recover losses it had suffered over the past three days. The KSE gathered momentum and made considerable gains in quick session to boost the investors confidence.

On Wednesday, benchmark KSE-100 fell in a short session by 209.14 points to close at 30,667.14 points level on Wednesday amid concerns for weak earnings outlook in oil sector after Crude oil prices broke below $55/barrel.

Countrywide shutdown to mourn deaths in Peshawar, reports for cut in local cement prices and concerns for heavy circular debt in energy sector played a catalyst role in bearish activity at bourse.

Market remained volatile and final ended in red zone in line with fall in global market. Continuous selling by foreigner in last few sessions kept local investors on the sidelines. Textile companies closed lower limit after Government lifted ban on capital punishments fearing that it may affect GSP Plus benefits.