Market watch: Index crosses 34,000-point barrier

Benchmark KSE-100 index rises 227.82 points

KARACHI: The bourse conquered new territory today, moving past the 34,000-point barrier as the index-heavy oil and gas sector posted noticeable gains.

Reinforcing its label as being among the world’s top performing markets in 2014, the Karachi Stock Exchange (KSE) benchmark 100-share index closed at 34,014.26, rising 0.67% or 227.82 points on Monday.

Activity was ked mainly by oil stocks that stabilised after recovery in global oil prices. Anticipation of a discount rate cut in the upcoming monetary policy triggered heavy investments.

Elixir Securities analyst Faisal Bilwani said equities closed with a fresh record as investors cheered positive developments.