KSE-100 rises above 41,500 in quick rally

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Staff Reporter

Karachi

Stocks rose on a rapid march upwards for the third consecutive day in the current week. The benchmark KSE-100 index pushing its way through the 41,000-point mark with a gain of nearly 600 points.
Trading was brisk as investors shifted towards index-heavy sectors – oil and gas, cement and power – amid the ongoing corporate result season. However, direction of the market was set by commercial banks as Bank AL Habib, Allied Bank and Bank Alfalah announced their quarterly earnings.
The KSE-100 index opened on a positive note and remained bullish throughout the session, going above the 41,500-point level.
However, its brief stay in the red was caused by the political uncertainty currently prevailing in the country coupled with news of an explosion in a multi-storey building in Karachi. At close, the benchmark KSE-100 index recorded an increase of 579.34 points, or 1.41%, to settle at 41,535.92 points.

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