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Midday: KSE tumbles a little, still manages 11pts

Midday: KSE tumbles a little, still manages 11pts

KARACHI: In its journey to scaling new heights of its history, the buoyant Karachi Stock Exchange benchmark 100-index tumbled a little and lost most of early gains to come down to 32019.90 points after reaching 32225 points. The KSE, however, managed to hold 11.50 points or 0.40 percent till midday trading on Wednesday.

Earlier, trading in the market started on a positive note and the index kept on ticking, adding 219 points to the overnight tally.

The stocks opened at overnight closing of 32,006.40 points and continued upward march, showing signs of confidence.

The market seems to have set eyes on more ambitious high after achieving the historic milestone.

The rally came as the central bank cut policy rate by 50 basis points, with investors expecting interest rates to fall further.

Analysts say foreign fund managers showed exceptional interest in the market and it is expected that the bullish trend may continue at the bourse in the coming days.

The appreciation in the value of rupee against dollar also boosted confidence of the investors.