Bulls toss index above 78,000

KARACHI: Continuing from the overnight optimism driven by strong corporate results, equity investors were busy cherry-picking, propelling the KSE 100 index above the 78,000 level on Friday. Ahsan Mehanti of Arif Habib Corporation said the bull run was led by cement, banking and oil scrips amid a solid corporate earnings outlook. He said the rebound in global equities, easing US recession fears, rising SBP foreign exchange reserves, falling Karachi interbank offered rates and imminent IMF board approval for the new Extended Fund Facility were the key factors which fuelled investor sentiments. Topline Securities Ltd said Mari Petroleum, United Bank, MCB Bank, Systems Ltd and Meezan Bank cumulatively added 566 points to the index.