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KSE recoups overnight losses; 100-index gains 102pts in early trading

KSE recoups overnight losses; 100-index gains 102pts in early trading

KARACHI: The Karachi Stock Exchange Wednesday started with positive note, recouping the previous night’s losses as 100-index up by 30 per cent and gained 102.26 point to reach 33678.20 level.

On Tuesday, the benchmark 100-index lost 268.36 points or 0.79 percent to reach 33575.94 points, with the volume of 205,280,470 shares.

Benchmark index soon plunged in red and went on to close near its days low over institutional selling in wider market. Despite outperforming market expectations in its quarterly result announcement, MCB Bank (minus 2.16 percent) faced selling pressure along with Engro Corp (minus 2.38 percent) where latter failed to meet consensus estimates. On contrary, Engro Fertilizer (plus 2.28 percent) attracted institutional interest, as traders seemed keen to own stock ahead of its private placement of 100 million shares starting Wednesday (today).