Equities turned bullish on the back of renewed foreign interest in banking and oil stocks on strong valuations at Karachi Stock Exchange Tuesday. The KSE 100-index gained 313.07 points to close at 29,191.84 or 1.08 percent against 28,878.77 points Monday. Ahsan Mehanti, an analyst at Arif Habib Securities said stocks showed strong recovery in the quarter-end earning announcement session on renewed foreign interest in banking and oil stocks.
Strong earnings of MCB Bank, speculations ahead of major earnings announcement in banking and oil stocks due this week and easing concerns on volatile rupee parity played a catalyst role in the bullish activity at KSE despite pressure in textile stocks amid losses on rupee appreciation, he added. The KSE-100 index opened at 28,878.77 points and hit 29,239.59 points intraday high. It closed at 29,191.84 points gaining 313.07 points.
