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.