Karachi Stock Index Hits All Time High at 6,045

via www.indiadaily.com

Pakistani stocks extended their bull run on Friday, closing above 6,000 points for the first time on optimism about the country’s economy, dealers said. The benchmark Karachi Stock Exchange 100-share index closed at 6,045.80 points, up 1.14 percent on the day. The index set a lifetime intraday high of 6,064.06. The KSE-100 has risen nearly 35 percent so far this year after gaining 65 percent last year and doubling in 2002. “The mood of the market has never been so upbeat,” said Hasan Davar, head of sales at brokerage firm Global Securities. “The fact that it closed so firmly above 6,000 points shows that the market is set for new records. Dealers said institutional investors remained active, particularly in oil shares, which have led the rally in the past few days amid talk of new discoveries in Pakistan’s southwestern province of Baluchistan.