Roundup: Offshore investors lift KSE by 1.48 pct
Tuesday, August 17, 2021 10:11 AM

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KARACHI, Aug. 17, 2010 (Xinhua News Agency) -- Pakistan's Karachi Stock Exchange (KSE) on Tuesday staged a strong comeback as foreign investors continued to buy big at the capital markets of the floods-hit South Asian country.

The benchmark KSE 100-Index jumped by 1.48 percent or 140.76 points to close at 9,677.89 points.

The market started the day on a positive note but an early selling dragged the main index down to its lowest level of the day of 9,488.35. However, a renewed and fresh buying by the offshore traders helped revive the market sentiments as it lifted the main index above 9,600 levels and right towards the end of the trading session it hit its intraday high of 9,698.76 levels.

Amid trading activities emanating mainly by the foreign investors, market volumes declined slightly to 63.810 million shares which are 0.491 million shares lower compared with Monday's trading of 64.301 million shares.

In broader market, a total of 350 shares traded hands during the course of the day where prices of 206 companies surged, 126 declined, while rates of 18 other scrips stayed unchanged.

Foreign investors have been the net buyers at the Pakistani capital market for quite some time. The Templeton Asset Management Limited is reportedly buying equities at Pakistan's premier bourse although the worst-ever floods forced investors to sell their holdings.

Pakistan's premier stock market has slipped 8.7 percent this month, which turns it into a cheaper market than any other Asian or emerging market.

While talking to this scribe, Syed Faran Rizvi, Director SMH Financial Solutions, said that market has lost a great value in recent times and turned into an oversold one which attracted more foreign interest.

He further stated that the current buying spree by the foreign investors especially in banks and energy companies would also help revive confidence of the local individual investors who have been staying on the sidelines for some time.

Moreover, the pledge by the World Bank to provide Pakistan with 900-million-US dollar financial support to help the South Asian country face the challenges arising out of the massive floods also bettered the market sentiments, he added.

 

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