ISLAMABAD: Continued buying by foreign investors and expectations of strong corporate performance by heavily-weighted companies boosted local confidence in the Karachi Stock Exchange, analysts said, leading it to close at its highest level since May 2008.
Foreign investors bought shares worth a net $19,569,904 on Friday according to the National Clearing Company of Pakistan.
The Karachi Stock Exchange (KSE) benchmark 100-share index closed 1.33 percent, or 192.36 points, higher at 14612.28 points, with a volume of 240.9 million shares. The market hit an intra-day high of 14,628.96, and posted its highest close since May 5, 2008 when the index closed at 14,673.13.
"The expectation of good corporate earnings and consistent buying by foreign investors combined to keep the market bullish," said a research analyst at the JS Global financial services company.
Among the heavyweights, Pakistan Telecommunication Company closed 6.93 percent higher at 15.42 rupees. (Reuters)