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Midday: Bulls rule at KSE, 100-Index touches 31,327pts

Midday: Bulls rule at KSE, 100-Index touches 31,327pts

KARACHI: Though the Karachi Stock Exchange (KSE) could not keep the pace of early trading, yet index gained 45 points to reach 31,327 points with the total volume of 67,939,650 shares on Tuesday midday.

Earlier, bull-run kept in the stocks sail high after crossing all-time-high as KSE-100 index added another 80.31 points or 0.26 percent to the score tally, taking it to 31,362 till 10:00am.

The Karachi Stock Exchange opened at the overnight closing and the benchmark index kept on moving upward, reflecting the confidence and disseminating a positive sign towards country’s economic revival.

According to experts, the market rallied on International Monetary Fund (IMF) likely release of second tranche in December. While cancellation of the govt’s planned disinvestment of OGDCL shares also helped the index reaches new highs.

Investors’ interest also remained focused in Textile and Cement stocks after reduction in electricity tariff and declining interest rates.

The country’s long-moribund economy seems to have started showing some signs of revival under the Pakistan Muslim League-Nawaz led government.

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-in outside parliament to try to topple the government of Prime Minister Nawaz Sharif.

Tensions peaked at the end of August when it appeared the military might intervene as it has previously. But the situation has since calmed down and Qadri called off his protest in the capital late last month.

Ratings agency Moody’s had also upgraded the country’s outlook to ‘stable’ from ‘negative’ in July, citing its improving external liquidity position and commitment to reforms.