Stocks Observer. com

The Karachi stock market faced intense buying on the last trading day of the week Friday due to foreign investment in oil and bank sectors. Buying was also supported by local investment in blue chips like bank, oil and cement sectors on account of good result announcements. The main trigger for the market was Standard and Poor’s (S&P) revision of Pakistan’s credit ratings to ‘B-’, which attracted interest from foreigners who remained the net buyers of shares worth $23.8 million. The Karachi Stock Exchange (KSE) 100-share index increased by 226.06 points or 2.72 percent to close at 8,541.22 points as compared to previous session’s 8,315.16 points. The KSE 30-share index closed at 9,187.48 points with a gain of 255.64 points. The KMI 30 index closed at 12,855.50 points with a surge of 304.45 points. Analysts said that despite negative news in terms of failure to reach an agreement on margin financing and surge in all T-bills yields, an overall positive mood was witnessed at the marke...