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34,000 level seems not far as KSE consolidates gains to 91pts, 0.27pc to rise to 33416pts

KARACHI: The stocks seem to have committed scaling ever-high 34,000 points level as Karachi Stock Exchange benchmark 100-index consolidated gains to 91.22 points or 0.27 percent to climb up to 33416.04 points in the midday trading on Monday.

The bull-run kept the market afloat with the index continued upward march to new historic high after achieving new milestones. The KSE extended gains, adding another 54.75 points or 0.16 percent to take the tally to all-time high of 33379.57 points in early trading on Monday.

The Karachi Stock Exchange opened at the overnight closing 33324.82 points and appeared confidence, attracting more and more investment. There was buoyancy and bull-run in the market and the index seems to have set eyes on another all-time high of 34,000 points.

It is to be recalled that the market closed yet again at an all time on higher trades and led by oil stocks on global oil prices stability after free fall earlier this week.

The benchmark KSE- 100 Index extended 207.35 points or 0.63pc and settled at 33324.82 points. Second and third tier scrips expected to benefit from falling leverage cost invited institutional buying throughout the trading session.

Speculations ahead of major earnings announcements due next week and expectations for SBP Policy rates cut on Jan15 after steep fall in T-bill yields played a catalyst role in bullish activity at KSE despite concerns for financial crisis of a major state owned OMC.