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KSE recoups overnight losses as 100-index rises 132pt to 31,913pts

KSE recoups overnight losses as 100-index rises 132pt to 31,913pts

KARACHI: Stocks recouped overnight losses and gathered momentum to take the benchmark KSE 100-index to 31,913.82 points with a considerable gain of 132 points or 0.42 percent in early trading on Thursday.

The Karachi Stock Exchange showed resilience after a taking a plunge of 302.51 points or 0.94 per cent to close at 31,781.65 points on Wednesday.

The market opened at the overnight closing on a positive note after the government announced hold talks with Pakistan Tehreek-i-Insaf which rekindled the hope for an amicable resolution of the political unrest that had seen violent clashes and war of words.

On Wednesday investor sentiment dampened midday as noise on the political front seemed to get louder. The initial index gains of 100 points dissipated as panic-prone investors rushed to book profit sending shares reeling down.

The sinking of international oil prices to five-year low triggered selling in the oil and gas sector as energy experts said things Analysts said that that worsening situation on the political front pushed investors to opt for profit booking and move to the sidelines.