KSE observes bullish trading week as index gains 253 points

The Karachi stock market remained under the bullish spell during the outgoing week as lower-than-expected consumer price index (CPI) inflation for August, expectations of favourable policy announcement by State Bank of Pakistan (SBP) early next month and easing of circular debt concerns for the energy sector on government’s agreement with independent power producers (IPPs) for release of dues propelled investors to go for buying.

Analysts said strong institutional support in oversold blue chips – oil, banks and fertilizer – played a catalyst role in the bullish activity. The Karachi Stock Exchange (KSE) 100-share index gained 253 points or 2.23 percent to close at 11,606.86 points as compared to 11,353.46 points of the previous week.

From: Daily Times