Pakistan stock market continued it’s bullish rally on the eighth consecutive day on Monday.
The KSE-100 index maintained an uptrend from the moment trading began as investors enjoyed IMF’s satisfaction over Pakistan’s economic trajectory and resumed buying activity.
At the end of the day, the benchmark index gained 824 points (or 2.29%) to close at 36,803 points.
The exchange traded in the green zone throughout the trading session making a high of 839 points. Banks, Oil, power & OMC sectors pulled the overall sentiment of the market upward where HBL (+2.27%) closed on the back of IMF comments on Pakistan economy & capping its inflation expectation from 13% to 11.8%, said Usama Bin Saeed, who is a Senior Manager Institutional Sales at Multiline Securities.
He further stated that a rally in the Power sector was also witnessed on the back of Rs. 200 billion government Sukuk easing Oil, IPP & OMC receivables. UBL (3.94%), OGDC (3.09%), PPL (2.19%), POL (3.11%), HUBC (5%) PSO (5%) were the major gainers of the aforementioned sector.
Pakistan’s stock market has rallied back strongly in a few months, becoming the best performer globally since the low in August. It has been the 6th best performing market since July this year and since October 1st, it has posted a return of 14.1% all alone.
Alert: Pakistan equity Index has been the global best performing market since October 1st and provided a return of 14.1%. Since July Pakistan market has been the 6 best performing market and provided 8.25% return @a_hafeezshaikh @ImranKhanPTI pic.twitter.com/JkFjtwyKxP
— Muzzammil Aslam (@MuzzammilAslam3) November 11, 2019
Economic data points at both macro and micro levels have started improving, suggesting that the worst may well be over with IMF satisfied with Pakistan’s overall performance.
According to market experts, foreign and local institutional and individual investors are taking fresh positions these days. In all, 282.93 million shares were traded at the exchange. Market participation for the 100-index companies was increased to 181.96 million shares today.
Top volume leaders during the day were: