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KSE-100 strongly rebounds with 359pts, nears to historic 32,000pts mark

KSE-100 strongly rebounds with 359pts, nears to historic 32,000pts mark

KARACHI: Bulls bounced back strongly and kept their rule at the Karachi Stock Exchange (KSE) again as the benchmark KSE 100-Index surged a considerable 358.72 points or 1.14% to reach 31702.79 points and volume of 172,777,940 shares on first day of trading, Monday.

The market started the week in a fashion and picked up the thread from weekend closing of 31344.07 points, going up in a confident way. It continued upward march and kept on adding to the score tally, boosting confidence of the investors.

The bull-run seems to have committed to take the Karachi Stock Exchange (KSE) benchmark KSE 100-Index to highest-ever psychological barrier of 32,000 points and keeping its buoyancy in view, it seems not far off.

It is to be recalled that the market remained buoyant throughout the previous week and gained 400 points.

Experts and analysts attributed the bullish trend to various factors both on the economic and political spectrum.

As a whole 32.51 per cent of companies witnessed increase in their shares while 28.41 per cent lost their share value and 3.45 per cent companies remained stable.

High and Low were 31765.91 and 31344.07 respectively. Total volume traded in the market was 172,777,940 shares.

Experts and analysts expressed their hope that the market would remain buoyant and likely to cross the new high of 32,000 in the week.

It is to be noted that the previous peak of 30,474 points came in July, but the exchange plunged in August as opposition groups led by cricketer-turned-politician Imran Khan and firebrand cleric Tahirul Qadri began rallies and staged a sit-ins outside parliament to try to topple the government of Prime Minister Nawaz Sharif.