KARACHI: Ignoring the fast deteriorating law & order situation in the country again on Monday, the Karachi bourse easily breached through 7,000 points psychological level on Monday on aggressive institutional buying.
The KSE 100-share Index rose by another 3.11 per cent or 211.35 points and closed at 7,017.81 points.
This morning, market opened above 7,000 points level and managed to maintain above this psychological level successfully, it was observed.
Analysts said that the massive institutional buying amid strong stocks fundamentals managed to minimize the intensity of fast worsening law & order situation in the country.
The terrorist attack on police training centre in Lahore about 7:30 in the morning, which remained lasted till late noon hours, could have derailed market, but immense institutional buying on corrective measure in the local economy inflated stocks values to notable levels.
The trading was very much similar to the weekend session, as market moved aggressively up while operation against anti-terrorist activities in Lahore was in progress, which took over two-dozen lives and injured another 100 people too.
On last Friday also, marked had exhibited excellent performance despite of a powerful suicide blast in a mosque in Khyber Agency, which had taken more than 50 lives and injured another 150 peopled.
Ahsan Mehanti at Shahzad Chamdia Securities said that the news of arrangement of Rs80 billion Term Finance Certificates (TFCs) for Independent Power Projects (IPPs) and oil companies to address the threatening circular debt issue to the local economy; and President Obama announcement of giving $1.5 billion per annum assistance to Pakistan for the next five years together helped market recovering on fast pace.
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