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Stocks turn green as 100-index gains 93pts, 0.29% to reach 32,177pts

Stocks turn green as 100-index gains 93pts, 0.29% to reach 32,177pts

KARACHI: With the simmering down political temperature in the aftermath of violent clashes, Karachi Stock Exchange has started pushing away bearish trend and gained confidence as the benchmark KSE 100-index rose by 93.34 points or 0.29 percent to reach 32,177.50 points in early trading on Wednesday.

The stocks appeared confident and kept on upward march.

The market opened at the overnight closing of 32,084.16 and the index kept ticking upwards, adding to the overnight modest gains. As the political temperatures seemed to have been simmering down, nervous investors took heart and resumed buying, especially in green chips.

The sentiments remained positive which helped the index rose from the red zone.

Experts said that some recovery was witnessed despite of falling global oil prices and investors accumulated cements and other leverage stocks in expectations of further fall in interest rate due to declining oil prices.

Analysts pointed out that Bank of Punjab (BOP) up 6.9pc after news of the bank meeting its capital adequacy ratio requirement and possibility of dividend payment after a gap of seven years.

They said that KSE showed recovery led by selected cement and oil sector scrips on strengthening rupee parity against dollar on sukuk issue receipts and reduction in import bill.