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Bulls keep KSE afloat as 100-index gains 111.56pts, 0.33% to stay at 33482pts

KARACHI: Buoyed up by bull-run, stocks remained steady though benchmark KSE 100-index lost some of early gains, it remained at 33482.85 points level, with 111.56 points or 0.33% till midday trading on Wednesday.

The bulls helped the Karachi Stock Exchange recouped overnight losses and boosted confidence of the investors. The benchmark 100-index gained 149.45 points or 0.45 percent to rise 33520.74 points in early trading.

On Tuesday the market closed in negative zone driven down by oil exploration companies as index heavy weight OGDC (-2.98pc) and PPL (-2.42pc) came off on global oil prices hitting five and a half year lows amid 46.91 points decline.

On Wednesday, the KSE-100 index opened at overnight closing 33371.29 points level and appeared confident, setting the pace for recovery from other day’s losses.

Though investors resorted to caution, the market remained steady and witnessed trading activities. The investors preferred booking gains as the PTI decided to hold a convention on Jan 18 to mull over its future course of action in the wake of disagreement with the government over the audit of 2013 polling.

Engro Corp (-0.86pc) lost ground on the back of its fertilizer subsidy EFERTS -3pc falling as investors feared a supply overhangs in the stock after IFC exercised its options to convert a debt to 12.49m shares of the fertilizer unit. Positive momentum continued to drive EFOODS (+ 4.23pc) as anticipation of a turnaround in profitability remained strong for 2015.