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Buoyant KSE steady above 33,000 mark; gains 174pts, 0.53% to stay at 33010pts

Buoyant KSE steady above 33,000 mark; gains 174pts, 0.53% to stay at 33010pts

KARACHI: Buoyant Karachi Stock Exchange remained steady above 33,000 points mark after the benchmark KSE 100-Index scaled all-time high of 33,000, gaining 174.38 points or 0.53 percent to reach 33010.58 points level in midday trading on Thursday.

There was buoyancy as the market witnessed hectic trading with the index crossing record high level. The market kept moving upwards toward scaling new heights in early trading, boosting traders confidence in the index. The stocks opened at the overnight closing of 32836 points and extended gains, reaching the new high in a confident manner.

On Wednesday, the KSE was dominated by bull as it closed at 32836 up 167 points. Banking sector led by MCB 3.1pc attracted investors today as investors expect healthy full year dividends and earnings. PTC reached its upper circuit following a proposal by the minister of State for IT to reduce overall taxes on the telecom industry from 19.5pc to 17pc.

KEL reached its new 52 week high of Rs10.43 stock optimism is derived from strong operational performance, new project initiation and expectation of payout to minority shareholders in the near future. Oil & gas sector remained under pressure as the global oil prices reach yet another low.

According analysts, reports for rising 3G/4G broadband revenues in telecom sector, improving cement and urea off-take data and speculations in leveraged scrips ahead of SBP Policy announcement on Jan 15 played a catalyst role in positive activity at KSE despite pressure in oil stocks on falling WTI Crude Oil prices to new lows below $47/barrel.