KSE-100 gains slightly as IMF approves debt relief
Statesman Report
KARACHI: The stock market extended gains in a range bound session on Thursday and rose 87 points as investors took cue from foreign minister’s announcement that the International Monetary Fund (IMF) had decided to grant a one-year relief to Pakistan.
The news, however, failed to create much enthusiasm among investors and trading remained lacklustre with some investors choosing to stay on the sidelines.
Surprisingly, the drop in international oil prices sparked confusion among stock market participants as they were unsure whether to offload or cherry-pick oil shares.
Earlier, trading began with a dip, however, strong investor sentiment in early hours helped erase losses and pushed the index into positive territory. For the rest of the day, the index traded in a narrow range and managed to close above 31,300 points.
At close, the benchmark KSE-100 index recorded an increase of 87.27 points, or 0.28%, to settle at 31,329.46.
Arif Habib Limited, in its report, stated that the market moved in a narrow range between +205 points and -226 points, closing the session up by 87 points.