Karachi Stock Exchange Crosses 5,400 Points

Stocks on Wednesday finished with an extended gain as institutional traders and punters were not inclined to take even a technical breath despite a closure ahead and covered positions at the current levels on selected counters.

The market’s uppish leaning was reflected in a fresh sharp rise in the KSE 100-share index that breached through the psychological barrier of 5,400 amid an active short-covering in the leading base shares, but the broader market was terribly hesitant owing to fears associated with the upcoming holidays.

It was finally quoted higher by 48.60 points at 5,427.45 as compared to Monday’s closing of 5,378.85, reflecting the strength of leading base shares, notably PTCL, OGDCL and some others.

Bulk of the support originated from financial institutions and some leading punters at the lower rates and there might be some good reasons to cover positions despite a long weekend ahead, analysts said…