ISLAMABAD – Pakistan stock market continued it’s bullish rally on theeighth consecutive day on Monday.
The KSE-100 index maintained an uptrend from the moment trading began asinvestors enjoyed IMF’s satisfaction over Pakistan’s economic trajectoryand resumed buying activity.
At the end of the day, the benchmark index gained 824 points (or 2.29%) toclose at 36,803 points.
The exchange traded in the green zone throughout the trading session makinga high of 839 points. Banks, Oil, power & OMC sectors pulled the overallsentiment of the market upward where HBL (+2.27%) closed on the back of IMFcomments on Pakistan economy & capping its inflation expectation from 13%to 11.8%, said Usama Bin Saeed, who is a Senior Manager Institutional Salesat Multiline Securities.
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He further stated that a rally in the Power sector was also witnessed onthe back of Rs. 200 billion government Sukuk easing Oil, IPP & OMCreceivables. UBL (3.94%), OGDC (3.09%), PPL (2.19%), POL (3.11%), HUBC (5%)PSO (5%) were the major gainers of the aforementioned sector.
Pakistan’s stock market has rallied back strongly in a few months, becomingthe best performer globally since the low in August. It has been the 6thbest performing market since July this year and since October 1st, it hasposted a return of 14.1% all alone.
