Pakistan Stock market started the week with a bullish momentum as the market surged above 40,000 points after almost 10 months. Previously the bourse had traded at this level in February 2019.
Pakistani equities closed on a positive note with benchmark KSE-100 index gaining 836 points, closing at 40,124 levels, up 2.08%, as Moody’s affirmed the government of Pakistan’s local and foreign currency long-term issuer and senior unsecured debt ratings at B3.
The announcement pushed Pakistan’s stock market above 40,000 points on closing day basis.
The exchange-traded in the green zone throughout the trading session reaching a high of 856 points. Banks, Cement and Other sectors pulled the overall sentiment of the market upward on the back of contraction of trade deficit and the Ministry of Commerce released trade data which revealed that the trade deficit contracted significantly and exports increased by 9.6% in the month of November 2019.
Moody’s report on Pakistan rating was also one the major contributor today in the second half. HBL (5%), UBL (5%), MCB (5%) LUCK (1.8%), DGKC (5%) & Nestle (1.44%) were the major gainers of the aforementioned sector, said Zain Uddin who is a Senior Equity Analyst at Multiline Securities.
“The main reason behind the increase seems to be the contraction in current account deficit which stands at its lowest level since February 2016,” said an analyst from Arif Habib Ltd.
According to Data collected by Capital Stake, the KSE-100 index started the year at 37,066.67 and over the next seven months, it went down, losing 29% or 8395 points. In just four months the market has massively jumped by 40% and has crossed 40,000 points level adding 11,453 points.
In all, record 557.39 million shares were traded at the exchange today. Of the 392 scrips traded, 284 advanced, 91 declined and 17 remained unchanged. The overall traded value was recorded at Rs. 16.48 billion.
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