Stocks drift higher by 89 points.
KARACHI -- Investor inteArAest in the equities was witnessed for the fourth successive day where the KSE-100 index climbed by 88.77 points (0.25 per cent) and closed at 34,978.18.
The index remained aroAuAnd the 35,000 level but it turned out to be big psychological barrier. The market opened in the green and surAged to intraday high by 287 points assisted by cement, banking, oil and gas marketing companies, exploration and production, and automobile sectors. On international front, global equities mostly remained in green territory on account of rising oil prices.
Money appeared to be flowing in equities after the government disallowed finaAnAcial institutions from investment in National Saving Schemes from July 1. The index doddered at the high levels for most part before dropping in about the last hour as individuals took profit for the second day and institutions also decided to err on the side of caution.
But perhaps the major blow came from foreigners who liquidated positions to the tune of $7.73 million. Companies deployed surplus cash amounAting to $4.84m as they started to build portfolio for the following year. Insurance...
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