The stock market started the week with a bullish rally as the benchmark index, KSE-100 index surged over 900 points in intra-day trading, crossing the 35,000-mark. The bourse managed to cross the 35000 point mark for the first time since July 2019.
The KSE-100 index maintained an uptrend from the moment trading began as investors shed fears and resumed buying activity. The KSE-100 Index touched an intraday high of 931 points to stand at 35,308 points.
At the end of the day, the benchmark index gained 900 points or 2.62% to close at 35,277 points on Monday.
The exchange-traded in the green zone throughout the trading session making a high of 931 points. Banks, Oil & Cement sectors pulled the overall sentiment of the market upward where HBL closed 3.95% higher on the back of MSCI Review on the 7th of November and the market is expecting Pakistan’s status to remain unchanged, said Zain Uddin who is a senior analyst at Multiline Securities.
However, a rally in cements was also witnessed on the back of price hike of cement bag and robust demand in September & October. MCB (5%), UBL (3.65%), OGDC (1.27%), PPL (1.78%), DGKC (5%) and LUCK (5%) were the major gainers of the aforementioned sector, he added.
The market experts also noted that economic indicators are improving, subsiding dharna fears, stability in currency parity and improvement on the external account fronts are some key reasons for improved confidence. The analysts also suggested that the developing situation in Islamabad is hinting that the sit-in is unlikely to sustain, which played an imported role in improving investor sentiments.
In all, 207.52 million shares were traded at the exchange. Of the 319 scrips traded, 245 advanced, 82 declined and 14 remained unchanged.
Top volume leaders during the day were: