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Passions run high as KSE grabs 300pts, 0.91% to reach 33,417pts on way to 34,000 mark

Passions run high as KSE grabs 300pts, 0.91% to reach 33,417pts on way to 34,000 mark

KARACHI: Fuelled by bull-run, stocks kept flying high and high to new heights after scaling record high of 33,000 points as Karachi Stock Exchange benchmark 100-index consolidated gains to 300.09 points or 0.91 percent to climb up to 33,417.56 points level till midday trading on Friday.

The market appeared buoyant and kept on going up, setting eyes on new goals and boosted confidence of the traders. The index gained 183.06 points or 0.55 percent in early trading amid hectic trade activities in early trading.

Though it is Friday, the last working day of the trading week, yet the sentiment are high and the market took full advantage of the traders confidence. The stocks closed at all-time high on Thursday amid speculations ahead of earnings announcements.

According to analyst, trade remained high on expectations for cut in SBP policy rate expected on Jan 15 after sharp fall in T-bill yields up to 34bps in the Wednesday auction. Expectations for higher sales of OMCs on lower crude oil prices, improved cement off-take data for Dec’14 and speculations for firm gas availability to Engro Fertilizers played a catalyst role in bullish activity at KSE.

They claimed that recovery in global oil prices forced local bourse to cross 33,000 points level for the first time-ever and would remained going up if the current bullish trend continued.