KARACHI: *In positive economic development, Pakistan Stock Exchangeregisters massive surge.*
The Pakistan Stock Exchange (PSX) opened the week with a boom as theindices rallied amid improved economic indicators. Foreign investorsoffloaded equities worth $8.06 million in the preceding week (November 25-29, 2019).
On the economic front, Adviser to Prime Minister on Commerce Abdul RazakDawood stated that Pakistan’s exports rose to $2.02 billion while importsdeclined to $3.81 billion in November 2019, a 36pc contraction whencompared with the same month of last year.
Meanwhile, Moody’s Investors Service on Monday affirmed Pakistan’s localand foreign currency long-term issuer and senior unsecured debt ratings at“B3”, changing the country’s outlook from negative to stable.
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Gaining 856.47 points, the benchmark KSE-100 Index recorded its intradayhigh at 40,144.12 (crossing the 40,000-mark after a period of 10 months).The index settled higher by 836.57 points at 40,124.22. The KMI-30 Indexappreciated by 513.30 points or 0.81pc to end at 63,227.25, while the KSEAll Share Index gained 432.93 points, closing at 28,271.45.
The overall trading volumes surged to 557.39 million on Monday. The Bank ofPunjab (BOP +6.71pc) led the volume chart, followed by K-Electric Limited(KEL +9.29pc) and Unity Foods Limited (UNITY +0.99pc). The scripts hadexchanged 74.93 million, 40.85 million and 37.70 million shares,respectively.
