KSE-100 index declines slightly after crossing 40,000 level

KARACHI: The KSE-100 index has notched intra-day trading to surpass 40,000 level since the last ten months before finally closing with a decline of 335.49 points.

The bourse opened on 40,344.80 points and witnessed an overall decline of 335.49 (-0.84%) before finally closing on 39,788.73. The total volumes of shares was around 286.7 million worth Rs 11.74 billion.

During the intra-day trading, the KSE-100 index witnessed the highest level of 40,444.05 points and the lowest point of 39,725.05 points.

Meanwhile, KSE-30 index closed at 18,204.21 after witnessing a decline of 183.66 (-1.00%). The bourse opened at 18.460.80. The total volume of shares was 152.6 million.

The rising market on back of massive volume was interpreted by observers as a sign of return of the buyers in droves.

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.

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 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.

His comments came after the Pakistan Stock Exchange had a phenomenal rally in the outgoing week despite political uncertainty that jolted investors.