Stocks Observer. com

The Karachi stock market on the last trading day of the week Friday made an intraday high of 25,000 points for the first time in the history of Pakistan and closed below the said level with a rise of 70 points. Analysts cited hopes for improved Indo-Pak bilateral relations and interest of international investors in setting up power plants in Pakistan as the main reasons for the positive trend. The Karachi Stock Exchange (KSE) 100-share index gained 69.86 points or 0.28 percent to close at 24,870.55 points as compared to previous session’s 24,800.69 points. The KSE 30-share index rose 10.48 points to close at 18,624.99 points as against 18,614.514 points.   “After testing the psychological level of 25,000 points the index was seen scaling back to close at 24,870 points,” said Habib Metropolitan Financial Services’ Muhammad Sultan. “During the second session the index pared gains posted earlier in the day, largely driven by profit-taking by risk averse investors.”