Staff Reporter Karachi
The Pakistan Stock Exchange on Tuesday extended its bull-run in a roller-coaster ride as the benchmark KSE-100 index posted a gain of 138 points and closed above the 47,000-point barrier.
The market remained in the positive zone for the fifth consecutive session.
Encouraging oil sales in October, which surged 17% year-on-year, revived investor confidence and they cherry-picked stocks, which helped the oil marketing companies’ sector to close at higher levels.
Earlier, trading kicked off with a brief rally where cherry-picking by investors helped the market to climb at a steady pace. After midday, the index offloaded some of the gains mainly on the back of speculation about the potential interest rate hike by the State Bank of Pakistan (SBP) in the upcoming monetary policy.
The selling pressure persisted for the rest of the session, however, the market managed to sustain the 47,000-point level.
At close, the benchmark KSE-100 index recorded an increase of 138.14 points, or 0.29%, to settle at 47,112.92.