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Closing: Bulls retake charge at KSE with 343 points gain

Closing: Bulls retake charge at KSE with 343 points gain

KARACHI: Tuesday proved to be a good day for Karachi Stock Exchange (KSE) 100-index as the major Stock market of the country gained 343.26 points to reach 29726.39 points and volume of 60,392,610 shares.

Earlier, the market opened at the overnight closing of 29,383 points and showed resilience to offset the bearish trend. The investors remained cautious and vigilant in view of the prevailing political uncertainty that has been haunting the stock exchange since its inception.

However, benchmark KSE-100 index consolidate position to continue upwards march and gained 173 points or 0.59 percent to reach 29,556 points in midday trading and kept on marching upward reaching 343.26 gains at end of daylong trading.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah.Sidd. Co, Engro Corporation while the UniLever Pak, Siemens Pakistan, Shield Corporation and Millat Tractors Ltd remained the biggest losers of the day.

As a whole 30.74 per cent of companies witnessed increase in their shares while 23.31 per cent lost their share value and 2.81 per cent companies remained stable.

Financial experts say that even the political front is still facing upheavals and country has been facing major challenges in recent days, however, market sometime try in full swing to balance its losses. “The traders even confused from what is happening in the country, risked their investment as there is no other way to conquer a dismal proportions prevailing in the country,” they added.

On the other hand, the situation in the capital seemed to be normal as several protesters, who have been staging sit-in in the federal capital for over one and a half month, are returning to their home towns to celebrate Eidul Adha with their loved ones.

Moreover, on political front, ex-president of PTI Makhdoom Javed Hashmi said that he would attend and address it if Imran Khan invited him. He said that the PTI sit-in was a conspiracy to end the politics of Imran Khan. Pakistan Tehreek-e-Insaf (PTI) Secretary General Jahangir Tareen, answering Hashmi, has said that he is not even its member now.