Bulls toss KSE-100 index up by 176 points
Karachi: Stocks rebounded on the Karachi shares market on Friday with the KSE-100 index closing up 176.70 points to 26,784.34.
The US central bank's decision to slice another $10 billion from its monthly stimulus which has continued to push emerging markets in turmoil on fears of capital outflows has also clouded investor sentiments at the KSE.
Over the week, the market fell by 219 points or 0.18 per cent.
The figures of market participants released by the National Clearing Company showed mutual funds as the lead buyers of $7.85 million worth stocks, while institutions and individuals decided to take profit ahead of the two-day holiday. But the number of much interest to investor was the activity of foreigners.
On Friday, foreigners were net buyers of shares valued at $2.97 million which is likely to give comfort to local investors when the market opens next week.
Volumes picked up on Friday. Although the turnover was only slightly higher to 347 million shares, from 344 million shares traded a day ago, the trading value jumped 55pc to Rs12.1bn, from Rs7.8bn, representing trading in index heavy stocks.
The Bank of Punjab rights issue outperformed the market; the third-tier stock which saw another brisk trading on Friday posted volume of 53 million shares, accounting for 27pc of the aggregate market turnover.
Political patch up in Sindh, renewed foreign interest and speculations ahead of CPI Inflation data due next week were major sentiment boosters on Friday.