Foreign bulls bolster locals’ confidence at KSE

ISLAMABAD: Increased trading by foreign investors since Wednesday has boosted local confidence in the Karachi Stock Exchange, leading the index to close almost 2 percent up on Thursday, analysts said, ending at its highest level since May 2008.

Foreign investors bought shares worth a net $8,177,045 on Wednesday according to the National Clearing Company of Pakistan.

The Karachi Stock Exchange (KSE) benchmark 100-share index closed 1.96 percent, or 277.4 points, higher at 14,419.92 points, with a volume of 293.9 million shares. It hit an intra-day high of, 14,454.39.

The previous high-point was May 13, 2008 when the KSE closed at 14,542.5.

"With foreign investors increasing their activity in the stock market, there was an injection of confidence and the market was bullish," said a research analyst. (Reuters)