Karachi: Pakistan’s stock index rose the most in more than four months, extending gains since Friday as the nation’s biggest state-owned investment firm announced plans to buy shares in eight companies through a fund.
The Karachi 100 Index added 156.97 points, or 2.7pc, to 6,074.87 at the 3.30pm local time close. The gauge fell for 13 days after the exchange lifted the trading limit last month that had prevented the measure from falling below its August 27 level, or “floor.�
The state-owned National Investment Trust said last week it plans to buy stocks through a Rs20bn ($250mn) fund to stabilise the market. The index has gained 5.6pc in the three days since the trust unveiled plans for the fund.
“The anticipation of the inflow of the Rs20bn fund is supporting market sentiment,� said Farhan Rizvi, an economist at JS Global Capital Ltd in Karachi. “Investors are expecting selective stocks to appreciate.�
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