Stocks Observer. com

The Karachi stock market finally managed to close above the psychological level of 17,000 points on Thursday due to heavy buying driven by good corporate results. The Karachi Stock Exchange (KSE) 100-share index gained 147.69 points or 0.87 percent to close at 17,056.36 points as compared to 16,908.67 points of the previous session. The KSE 30-share index increased 125.28 points to close at 13,931.66 points as compared with 13,806.38 points of the previous session.   “Finally the market managed to close above 17,000 points level,” said Topline Sec dealer Samar Iqbal. “Institutional buying and good corporate results helped the equity prices to improve by approximately 1.0 percent.” Higher than expected earning announcement by Engro Foods helped the market sentiment, she said and added that second-tier cement stocks performed well as investors are expecting healthy profits for the quarter ending in December.   The market turnover went up by 24.38 percent and...