KSE-100 index gains for eighth successive week

KARACHI: The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index surged by 700 points to a six-month high above 36,650 points in intra-day trading on Monday.

The move of PSX being surged by 700 points comes after the International Monetary Fund  (IMF)’s satisfaction over Pakistan economic successfully prevented the chances of being downgraded by Morgan Stanley Capital International (MSCI) last week.

The benchmark index reached over 2,800 points or above 8 percent in the past eight consecutive days including Monday in improvement.

According to the analyst, the third and most important factor for the rally is the shares prices falling to attractive levels.

Also read: PSX gains 403 points on third trading day

The analyst added that Pakistan was the most discounted market these days with foreign and local institutional and individual investors taking fresh positions. 

Earlier on 5th November, the PSX observed a bullish trend as the benchmark KSE-100 index gained 35277.46 points.

The total turnover was 207,782,700 as compared to 157,118,951 on the last working day with Fauji Cement having the highest turnover of 11,182,000.