Pak-US strategic talks push Karachi stocks 183 points up: Daily Times

KARACHI: The Karachi stock market witnessed a bullish trading session on Wednesday as investors went for across-the-board buying.

Analysts said the US-Pakistan strategic talks in Washington, which are expected to resolve the energy crisis in Pakistan and make agreements for export of Pakistani products to the US, did the trick.

The Karachi Stock Exchange (KSE) 100-share index gained 182.92 points or 1.84 percent to close at 10,146.27 points as compared to the previous session’s 9,936.35 points. The KSE 30-share index closed at 10,475.66 points with a gain of 207.20 points. The KMI 30 closed at 15,260.99 points with a rise of 247.68 points.

Analysts said the market opened in the green zone and remained in the buoyant momentum throughout the trading session amid intense foreign interest in oil and gas, bank and fertilizer sectors on strong valuations. Healthy volumes were traded during the session reflecting growing confidence among investors.

The market turnover went up by 117.91 percent and traded 160.30 million shares as compared with the previous session’s 73.56 million shares. The overall market capitalisation was up by 1.44 percent and traded Rs 2.876 trillion as against Rs 2.835 trillion. Out of total 411 companies, 239 closed in the positive zone, 152 in negative and 20 remained unchanged.

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