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Midday: Stocks set to scale new heights of 32,000 as KSE gains 333pts

Midday: Stocks set to scale new heights of 32,000 as KSE gains 333pts

KARACHI: The bull-run kept the Karachi Stock exchange afloat and fuelled its passion in the quest to scale new heights of 32,000 points as buoyant KSE-100 index consolidated it gains to 333 points or 1.06 percent to climb up to 31677.14 points till midday trading on Monday.

The trade volume remained considerably high at 64, 102,480, reflecting the market’s resolve to cross the new highest-ever threshold of 32,000 points.

The market started the week in a fashion and picked up the thread from weekend closing of 31344.07 points, going up in a confident way. It continued upward march and kept on adding to the score tally, boosting confidence of the investors.

The bull-run seems to have committed to take the Karachi Stock Exchange (KSE) benchmark KSE 100-Index to highest-ever psychological barrier of 32,000 points and keeping its buoyancy in view, it seems not far off.

It is to be recalled that the market remained buoyant throughout the previous week and gained 400 points.

Experts and analysts expressed their hope that the market would remain buoyant and likely to cross the new high of 32,000 in the week.

It is to be noted that the previous peak of 30,474 points came in July, but the exchange plunged in August as opposition groups led by cricketer-turned-politician Imran Khan and firebrand cleric Tahirul Qadri began rallies and staged a sit-ins outside parliament to try to topple the government of Prime Minister Nawaz Sharif.