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Closing: KSE keeps up momentum, ends slightly below 30,000

Closing: KSE keeps up momentum, ends slightly below 30,000

KARACHI: The Karachi Stock Exchange (KSE) 100-index had shed points at start of the week; however, Wednesday was a second consecutive lucky day for country’s major stocks, as the KSE again remained in green zone and added 270.22 points to reach 29996.61 points and volume of 72,096,640 shares.

Earlier, Stocks Exchange keeping the bullish momentum of start on third day of trading gained 145 points to reach 29871.39, recording a positive change of 0.49 per cent till midday trading. The graph kept upward journey without any chance of losing points and reached the benchmark of 29996.61 points.

It is important to note that KSE has gained 613.48 points from Tuesday to Wednesday, taking points tally near to psychological barrier of 30,000 points. The market will remain close for five days due to weekend and Eidul Adha holidays and the investors were trying to make handful profit before that break.

The highest increase witnessed in price of the Pace (Pak) Limited, P.T.C.L.A, D.G.K.Cement XD and Fatima Fertilizer Company, while the Pak Services, Bata (Pak) Limited, Bhanero Tex.XD and Wyeth Pak Limited remained the biggest losers of the day.

As a whole 33.06 per cent of companies witnessed increase in their shares while 23.64 per cent lost their share value and 3.64 per cent companies remained stable.

Financial experts were hoping that this positive trend will persists on remaining two days of week, before Eidul Adha, as positive sentiments were haunted the market since Tuesday. “Traders and investors were appeared hopeful and confident about their investments in past two days, and they will try to keep the benchmark up in remaining days of week,” they added.

On the other hand, Pakistan Tehreek-i-Insaf (PTI) President Javed Hashmi, who was suspended by his party following allegations against Imran Khan, announced on Wednesday his resignation from the party presidency and its membership. The news may not have sudden affects on business in Pakistan but these events can add up to growing political disturbance in country.