PSX soars for second day to surpass 42,000 points

KARACHI: The Pakistan Stock Exchange soared on Thursday to surpass the 42,000 level over increased investor confidence, positive economic outlook and New Year optimism.

The KSE 100 index has increased by 1080.76 (2.61%) points to close at 42,480.76 points. The bourse reached the highest point on 42.543.73 point and the lowest at 41,400 points. The total volume of scripts increased by 282.934 million valued at Rs14 billion.

Mean while, the KSE 30 index surged by 540.70 (2.85%) points to close at 19,538.61 points. The total volume of scripts was 151.334 million. The price of share increased as the top advancers were K-Electric (0.21%), BOP (2.64%), Fauji Foods (2.33%), Unity Foods (2.50%) followed by PAEL (4.50%), STPL (1.05) and World Call (4.08%).

This is the second day since the stock market has surged. The marker has rise 4.28 percent or 1745 points since the start of the current year. On Wednesday the stock market closed at 41,400 points rising by 664 points (1.64%). The upward trajectory was partly due to the New Year enthusiasm and positive macroeconomic indicators.

The previous week saw gains erased as investor returned to profit taking but the bulls regained control over the last couple of days. The inflation rate came down at 12.63% for November 19 meeting the market expectation coupled by the optimism seen in the past two days.

The political situation has also added to the surge at the stock market. Prime Minister Imran Khan has termed 2020 as the year of prosperity and job creation.