KARACHI: Stocks remained strong on Thursday with the KSE-100 index adding 74.97 points or 0.25 per cent to wrap up the session above the 30,000-level at 30,071.58 points.
Foreign institutional investors led the bull-run with purchases of stocks worth $0.74 million on Thursday, taking the three-day (TuesdayThursday) aggregate inflow at $10.63m. On Thursday, foreigners invested $1.4m in oil and gas sector and $1.3m in cements.
Meanwhile, day traders and punters were engaged in alternative bouts of buying and selling so as to make quick gains. Institutions generally stood on the sidelines wondering if the market had run away with foreigners acquiring shares at dips.Although volume stood higher at 168m shares on Thursday, from 125m shares aday earlier, local investors, spooked by uncertainties on the political front avoided tak-ing fresh positions ahead of five-day Eid holidays starting from Saturday (Oct 4 to 8).Mohammed Mobeen analyst commented that BAFL attracted investor interest asthe volume leader on expectations of positive earnings surprise. GTYR continued its euphoric run to hit yet another `upper lock`, as the investors expect a positive upcoming auto policy.
Brokerage Aba Ali Habib Securities calculated that on Thursday trading, banking and energy sectors added 47 points and 21 points to the index. OGDCL and MARI contributed 19 points and 8 points, respectively. LUCK and KEL pulled the index down by 34 points and 4 points, respectively.
Analysts at Foundation Securities identified marl
`Market is expected to remain under pressure on Friday, the last day before Eid holidays.