Buying in oil and power sectors lifts KSE 3 pts

Investor interest in oil and power sectors after news that the government is considering issuing bond to settle the pending circular debt issue helped the Karachi stock market to close in the green zone.

Analysts said the turnover was very thin owing to act of terrorism in the city, creating panic among investors.

The Karachi Stock Exchange (KSE) 100-share index gained 3.18 points or 0.03 percent to close at 11,356.64 points as compared to 11,353.46 points at the close of previous week. The KSE 30-share index also gained 16.92 points to close at 10,933.67 points as compared with 10,916.75 points.

The KMI 30-share increased 83.96 points to close at 20,712.04 points as against 20,628.08 points. The KSE all-share index closed with a gain of 0.01 points to 7,889.90 points.

“Uncertainty over the government’s relationship with the International Monetary Fund kept investors to the sidelines and that is why volumes remained thin,” said Topline Securities Ltd dealer Samar Iqbal. “However, some interest was seen in oil and power sectors after the news that the government is considering issuing bond to settle the pending circular debt issue.”

From: Daily Times