Bulls at the KSE roared their way to new highs yesterday with the KSE-100 index maintaining its steep climb to reach at 31,629.20-level, adding 325.57 points or 1.04 per cent to the overnight closing.
Foreign inflows in the substantial sum of $7.63 million gave a big boost to stock values, as local investors took comfort on the return of the overseas investors, after profit booking for several weeks.
Volumes surged by 100m shares over the earlier day’s trade and traded value also shot-up by Rs6 billion, signifying investor interest in many top-tier stocks.
Among local participants, banks sold $12.08m worth stocks to book profit due to year-end considerations.
Jubilant brokers said that the market was rallying on the back of expectations of a rate cut in the upcoming monetary policy. MARI continued its northwards journey as the company announced that the ECC had finally approved the proposal for dismantling of Mari GPA and replacing it with a Market Oriented Formula.
Meanwhile, auto stocks continued its climb as industry sales rose 27pc in October 2014 over the same month last year.
