KSE 100 Index hits highest level since May 2017, crosses 38,000 mark

KSE 100 Index hits highest level since May 2017, crosses 38,000 mark

ISLAMABAD - KSE-100 began the week with a bullish run as it touched an intra-day high of 869 points and crossed the 38,000-point mark.

As political noise dampened, PSX saw the highest volumes since May 2017, as a record-breaking 466.07 million shares were traded during the day.

According to the data, the market has recovered from its low in August and overall market participation remained the highest in value trade since 30th November 2018.

The benchmark index continued its 4th consecutive surge after gaining 827 points (+2.2%) today on improved market sentiments. Over the weekend, Finance Adviser met with business leaders to assure them of improving outlook going forward amid ongoing reforms.

The robust trend was also driven by a likely stable political environment led by Nawaz Sharif’s travel for treatment and IMF’s relaxation on Government Guarantees, as pointed out by the market experts.

Pakistan’s equities closed on a positive note with the benchmark KSE-100 index gaining 828 points, closing at 38412 levels, up 2.15%. The IMF approval for the energy Islamic bond, Sukuk II, drove the power sector up. The upcoming Monetary Policy fueled the sentiments among a few individuals and brokers.

Banks, Oil, Cement and Power sectors pulled the overall sentiment of the market upward according to Zain Uddin, a senior research analyst at Multiline Securities.

Engro Corporation Limited contributed 100 points to the index, followed by Hub Power Company Limited with +89.04 points and United Bank Limited with +61.96 points. In all, shares of 412 companies were exchanged. 295 companies’ shares closed up, 98 closed down and 19 stocks remained unchanged.

The State Bank of Pakistan will announce its monetary policy for the next two months on November 22, 2019. Previously, the central bank had kept the policy rate unchanged at 13.25%.