Karachi Stock Exchange hits all time high at 34,072 points

By: | Published: January 20, 2015 5:10 AM

The Karachi Stock Exchange (KSE) hit an all-time high of 34,072 points after Prime Minister Nawaz Sharif...

The Karachi Stock Exchange (KSE) on Monday hit an all-time high of 34,072 points after Prime Minister Nawaz Sharif assured the country that the government will resolve the fuel crisis.

The KSE 100-index rose by 286 points or 0.85 per cent after feverish trading on the floor as investors gained confidence by an emergency meeting called by the Prime Minister to resolve the fuel crisis and opposition leader Imran Khan announced his party would not hamper the working of the government in the Centre.

“The bullish activity was fuelled by recovery in global oil prices and also there is anticipation that the State Bank will cut the interest rate by 50 to 100 basis points (BPS) when it announces the upcoming monetary policy on January 24,” Aftab Ahmed from capital investments said.

He said these factors were responsible for the high trading activity undertaken by local and foreign investors.

He noted that in today’s trading due to the rise in international market of crude oil gas, cement, oil and fertiliser shares rose rapidly and resulted in brisk trading.

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