KSE continues to move up ahead of Rs20b support fund

LAHORE - The stock market on Wednesday continued to move up in anticipation of the support fund of Rs 20 billion announced by finance minister Naveed Qamar on Tuesday at a meeting with stockbrokers at the KSE, which is being considered sufficient to absorb open position held in badla financing.

The benchmark KSE-100 index gained 233.69 points to reach 11,018.50 points on strong note. Market has gained more than 800 points in this bullish wave being termed as technical correction.

Dealers said that political and economic fundamentals are still weak but meeting of the ruling alliance will decide the future course of the country politics. If some how political stability emerges out of this meeting the market perception will change otherwise its trend will remain negative.