Intra-day update: KSE-100 gains over 500 points

KARACHI: The KSE-100 witnessed a buying spree, which dragged the index from the red to the green zone, amid unconfirmed reports that the oil and gas sector’s circular debt was on the radar of authorities.

A decrease of nearly 100 points soon became a gain of over 650 as the market became abuzz with screenshots of news channel tickers, relying on sources, that stated the caretaker setup was keen on resolving the sector’s circular debt issue.

KSE-100 falls below 48,000 amid profit-taking

Intra-day trading soon witnessed a spike with massive buying interest in index-heavy OGDC, PPL, and SNGP shares.

The development comes as investors lay in wait for resolution of the circular debt issue, one of the promises made by the outgoing government to the International Monetary Fund (IMF).

At around 11:30am, the KSE-100 Index was hovering at the 47,971.88 level, an increase of 542.06 points or 1.14%. This is in stark contrast to Tuesday’s proceedings when the benchmark index lost over 950 points over profit-taking and consolidation of gains ahead of the dissolution of the National Assembly.