ISLAMABAD – KSE-100 began the week with a bullish run as it touched anintra-day high of 869 points and crossed the 38,000-point mark.
As political noise dampened, PSX saw the highest volumes since May 2017, asa record-breaking 466.07 million shares were traded during the day.
According to the data, the market has recovered from its low in August andoverall market participation remained the highest in value trade since 30thNovember 2018.
The benchmark index continued its 4th consecutive surge after gaining 827points (+2.2%) today on improved market sentiments. Over the weekend,Finance Adviser met with business leaders to assure them of improvingoutlook going forward amid ongoing reforms.
The robust trend was also driven by a likely stable political environmentled by Nawaz Sharif’s travel for treatment and IMF’s relaxation onGovernment Guarantees, as pointed out by the market experts.
Pakistan’s equities closed on a positive note with the benchmark KSE-100index gaining 828 points, closing at 38412 levels, up 2.15%. The IMFapproval for the energy Islamic bond, Sukuk II, drove the power sector up.The upcoming Monetary Policy fueled the sentiments among a few individualsand brokers.
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Banks, Oil, Cement and Power sectors pulled the overall sentiment of themarket upward according to Zain Uddin, a senior research analyst atMultiline Securities.
Engro Corporation Limited contributed 100 points to the index, followed byHub Power Company Limited with +89.04 points and United Bank Limited with+61.96 points. In all, shares of 412 companies were exchanged. 295companies’ shares closed up, 98 closed down and 19 stocks remainedunchanged.
The State Bank of Pakistan will announce its monetary policy for the nexttwo months on November 22, 2019. Previously, the central bank had kept thepolicy rate unchanged at 13.25%.
