Market Watch: Potential discovery of offshore reserves nudges 100-index upward

Market Watch - Potential discovery of offshore reserves nudges 100-index upward
Karachi: After witnessing successive days of worst bearish trend, the KSE-100 index on Wednesday bounced back with bullish momentum as the benchmark index closed at 34, 291 points after gaining a handsome 407 points, GNN News reported.

Analysts termed potential discovery of huge oil and gas reserves main reason behind the financial surge whereas amnesty scheme also nudged 100-index upward.

At one stage, the KSE 100-index gained over 550 points as expectations pertaining to discovery of finding of huge reserves of hudrocarbons in the Kekra-I offshore well.

Apart from this, the automobile and pharmaceutical sectors also exhibited modest performance and closed in the green.