KARACHI: The stock market moving in the upward zone but in snail’s pace after the first-day slide in a see-saw session on Wednesday in anticipation of the monetary policy announcement.
The stock market closed at 32981 after a slight increase of 9 points.
The KSE-100 index opened in negative zone but mixed sentiments were seen in early trading hours. The index dropped to an intra-day low of 32,604.64 points as selling pressure persisted.
Trading volumes finally picked up as the market geared up for a likely hike in interest rate. In the later session, recovery was seen on the back of strong valuations of selected auto, oil and bank stocks. Cement and exploration and production sectors also helped the market move upwards.
At the end of trading, the benchmark KSE 100-share Index recorded an increase of 13.67 points, or 0.04%, to settle at 32,981.02.
The rupee gained 23 paisa in interbank and reached dollar dropped to Rs 160.05 while it reached at 160.30 in open market.
The 10 grams gold prices also slide down by Rs 1150 and reached Rs 82650 per tola while gold prices in international market witnessed decreased by $ 13 and closed at $ 1403 per ounce.
