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Cheering KSE consolidates gains to 107pts, 0.33%; up to 32,775pts on way to 33,000pts

Cheering KSE consolidates gains to 107pts, 0.33%; up to 32,775pts on way to 33,000pts

KARACHI: Karachi Stock Exchange kept on cheering as benchmark KSE 100-index climbed up to 32,775.97 points with tangible gains of 107.24 points or 0.33 percent in its march towards historic high of 33,000 points during midday trading on Wednesday.

Stocks defied overnight bearish trend and moved upwards in buoyant mood, consolidating it gains in early trading.

The market opened at the overnight closing of 32668.73 points and remained positive, going up to boost confidence of the investors.

Though the market was dominated by the bears with the index closed 89 points in the red at 32668.73 points level on Tuesday, the Karachi Stock Exchange (KSE) appeared confident and began the day in a buoyant manner.

The market showed great resilience which boost confidence of the investor, keeping the index ticking upwards.

Analysts expect the market to remain positive and see the benchmark crossing the 33,000 level in the current week.

On Tuesday, the market witnessed a correction with participants booking profits at all time high level. Weakness in the regional markets was also a reason for the pessimism.

The star performer of the day was K-Electric as the stock price reached its all time high in the last 52 weeks. The stock optimism is derived from strong operational performance, new project initiations and expectation of payout to minority holders in the near future.

Uncertainty in global equity and commodities played a catalyst role in bearish activity at KSE despite support in selected cement stocks on rising dispatches data for Jul-Dec’14 and concerns for outcome of FFC legal recourse on gas distribution to Engro Fertilizers from Guddu Power Station, stated another market analyst.