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Home / Markets / Bourse bounces back as KSE gains 402pts, 1.31% to climb up 31069pts
Bourse bounces back as KSE gains 402pts, 1.31% to climb up 31069pts

Bourse bounces back as KSE gains 402pts, 1.31% to climb up 31069pts

KARACHI: The Karachi Stock Exchange which has been volatile so far in this week, bounced in a confident manner and gained 402.47 points or 1.31 percent to climb up to 31069.61 percent from the overnight closing 30667.14 points in early trading on Thursday.

The market opened at the overnight closing of 30667.14 points and steadily started upward journey to recover losses it had suffered over the past three days. The KSE gathered momentum and made considerable gains in quick session to boost the investors confidence.

On Wednesday, benchmark KSE-100 fell in a short session by 209.14 points to close at 30,667.14 points level on Wednesday amid concerns for weak earnings outlook in oil sector after Crude oil prices broke below $55/barrel.

Countrywide shutdown to mourn deaths in Peshawar, reports for cut in local cement prices and concerns for heavy circular debt in energy sector played a catalyst role in bearish activity at bourse.

Market remained volatile and final ended in red zone in line with fall in global market. Continuous selling by foreigner in last few sessions kept local investors on the sidelines. Textile companies closed lower limit after Government lifted ban on capital punishments fearing that it may affect GSP Plus benefits.

The All Shares Index sink by 110.13 points or 0.49 percent and closed at 22299.12 points at end of day, KSE-30 Index fell by 191.48 points and concluded at 19781.36 points while KMI-30 Index dropped by 497.05 points and settled at 48847.05 points.