Stocks Up

Southasia - - BRIEFINGS -

The

Karachi Stock Mar­ket reached a new all-time high as the KSE In­dex broke the 30,000 point bar­rier for the first time in the coun­try’s his­tory. The bullish trend was at­trib­uted to the grow­ing in­ter­est of for­eign in­vestors in Pak­istan’s equities and a pos­i­tive out­look by Moody that saw an in­flow of $5.59 mil­lion. Ma­jor in­vest­ments were recorded in the oil and gas sec­tor ($1.7mil­lion), ce­ment ($1.5m) and in banks ($1m).

Re­newed for­eign in­ter­est in oil stocks and spec­u­la­tions of ma­jor earn­ing an­nounce­ments also played an im­por­tant role in en­cour­ag­ing bullish sen­ti­ments at KSE. The gas dis­cov­ery and ven­ture plans of Pak­istan Pe­tro­leum Limited, in­crease in ce­ment ex­ports and higher in­ter­na­tional oil prices were some other fac­tors that pos­i­tively im­pacted the mar­ket.

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