Stocks Observer. com

Despite of massive foreign selling worth of over $8 million in this single session on Friday, the Karachi bourse managed to close with modest gains on late buying in selective securities. Earlier, market had shed more than five per cent or 393 points in the last five consecutive bears-run sessions till yesterday. Owing to this, market had dropped well below 7,000 points strong resistance level. Today, KSE 100-share Index managed to recover 16.48 points or 0.24 per cent and closed at 6,894.62 points. Also, its junior partner the 30-Index inches up by 6.07 points or 0.08 per cent and concluded at 7,314.11 points. “Despite net selling of more than $8 million the market remained firm due to buying by local investors. A record budget for development expenditure coupled with hope of introduction of leverage products forced locals to buy stocks at lower levels,” said Muhammad Sohail at Topline Securities. Few brokers smelled massive profit selling by local financial institutions - particularl