KARACHI: The KSE-100 index has notched intraday record by gaining around 836.57 points so far to surpass 40,000 level since February 25, 2019.
In the last four consecutive days of positive closing, the index has accumulated gains of 2,339 points (6.2pc).
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The significant feature of trading on Monday was the thundering participation of investors as volume of shares traded stood at the tall order of 558 million shares – the highest in 30 months since May 24, 2017.
The rising market on back of massive volume was interpreted by observers as a sign of return of the buyers in droves,
Underpinned by continuing improvement in macroeconomic indicators where July-Nov FY20 exports jumped 4.8pc.
While imports declined 19.3pc, slashing the overall trade deficit by 34.4pc to $9.5 billion; improvement in remittances and growth in reserves.
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Investor interest was further fired by Moody’s affirmation of Pakistan’s outlook on local and foreign currency debt ratings at B3 and the change to stable from negative as the agency expects balance of payments dynamics to improve.
On Sunday, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said the recent strong performance of Pakistan’s stock market was proof of “increasing investor confidence on stabilisation measures” employed by the Pakistan Tehreek-e-Insaf (PTI)-led government.
In a tweet, the premier’s aide stated that the 14.9 per cent gain of the KSE-100 Index in November was the highest one-month return over the past six years.
“The KSE-100 index is up by 14.9% in November 2019, highest one month return after May 2013. Since 16 August 2019, the index increased by 36.6% (10,500 points),” said Mr Shaikh.
https://twitter.com/a_hafeezshaikh/status/1201059993329512449?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1201059993329512449&ref_url=https%3A%2F%2Fdunyanews.tv%2Fen%2FBusiness%2F521343-Bull-run-continues-as-stocks-jump-836.57-points
His comments came after the Pakistan Stock Exchange had a phenomenal rally in the outgoing week despite political uncertainty that jolted investors briefly.
According to updates till Friday, the benchmark KSE-100 index managed to sustain its winning streak for the fifth successive week as it advanced 1,362 points or 3.59 per cent and crossed.
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