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Midday: KSE consolidates rally, gains 183 points

Midday: KSE consolidates rally, gains 183 points

KARACHI: Stocks consolidated its early rally and benchmark KSE-100 index kept on upwards march to gain 183 points or 0.16 percent to reach 30326 points, defying all speculations and fears amid various challenges the country is grapping with, in the midday trading on Wednesday.
Earlier, the market opened at the overnight closing of 30143 and remained on positive note as investors took interest in trading.
Experts attributed the renewed interest to the government announcement regarding de-investment of OGDC shares next month. They hoped that the market would remain positive.
Yet the explanation of the trend by many market gurus did not sink deep in the minds of small shareholders who thought that institutions may have provided support to the index.
On the oil and gas sector, investors fancied MARI and ATRL, lifting both stocks to their upper limit. However, some analysts predicted that going forward, the market was expected to remain volatile, advising investors to remain cautious and invest in fundamentally strong shares.
On the other hand, political stalemate continued to prevailing in the country as Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and Pakistan Awami Tehreek (PAT) Chief Allama Dr Tahirul Qadri stuck to their demand for the resignation of Prime Minister Nawaz Sharif. Both the PTI and PAT have been encamped in Islamabad for the fast more than a month, protesting against what they called “worst rigging in May,2013 general elections.”