Bargain hunters push Pakistan stocks up
Pakistani stocks rose after falling almost 3 per cent the previous day as bargain hunters accumulated shares at attractive prices
Karachi: Pakistani stocks rose after falling almost 3 per cent the previous day as bargain hunters accumulated shares at attractive prices but dealers said investors were still cautious amid flood worries.
According to the Karachi Stock Exchange (KSE) website, the KSE benchmark 100-share index .KSE ended 1.66 per cent, or 158.10 points, higher at 9,695.33 on turnover of 53.89 million shares.
"There were some bargain hunters who accumulated shares but the low turnover shows investors are on the sidelines because of the damage the floods may have caused," said Sajid Bhanji, a director at brokers Arif Habib Ltd.
The floods, triggered by torrential monsoon downpours, have swamped Pakistan's Indus river basin, killing up to 1,600 people, and forcing 2 million from their homes.
