Institutional buying lifts stocks up

Dealers said investors are expecting confirmation of a Saudi oil facility to take pressure off Pakistan’s current account deficit and possibly some news about a proposed equity market stabilisation fund.

Earlier this month, the KSE said it was aiming to launch a 30 billion rupees market stabilisation fund following a precipitous fall in share prices.

Trading activity expanded and 306 scrips were traded today. Out of those 228 closed in plus column against 70 minus closings while 8 scrips kept last rates. Volumes once again improved handsomely and 135.254 million shares changed hands in today trading.

Some experts were of the view that sentiment was lifted after the State Bank Governor Shamshad Akhtar made her first visit to the KSE on Monday, dealers said. She said the banks have an aggregate capacity to invest 40 billion rupees in the stock market, if they wish to do so.