Staff Reporter
Karachi
The KSE-100 index extended gains on Thursday and rose 76 points with trading in over 300 million shares in a volatile session.
Earlier, trading began with a sharp spike and the KSE-100 index maintained the uptrend until midday. After that, investors resorted to profit-booking due to the absence of major positive triggers and fell into the negative territory.
A buying spree emerged in the final hour, which helped erase the losses and close in the positive zone.
At close, the benchmark KSE 100-share Index recorded an increase of 76.24 points, or 0.21%, to settle at 37,243.20.
Topline Securities, in its report, stated that during the trading hours, the index crossed 37,500, when profit-taking kicked in, dragging it down by 264 points to 37,243.
Honda Atlas Cars (HCAR) announced its financial results, which came in above market expectations. The automaker posted earnings per share of Rs3.57 for the second quarter of its financial year, as a result of which the stock hit its upper circuit.
Furthermore, major rebar manufacturers Amreli Steels and Mughal Iron and Steel gained 4.33% and 4.54% respectively due to an expected uptick in construction activity in the wake of Naya Pakistan Housing Programme.
