PSX Converts to World’s Top Acting Stock Exchange Since October 2019:

Pakistan stock market sustained its optimistic rally on the eighth successive day on Monday.

The KSE-100 index upheld an uptrend from the moment trading began as investors enjoyed IMF’s gratification over Pakistan’s economic flight and continued buying activity

The exchange dealt in the green zone all over the trading session making a high of 839 points. Banks, Oil, power & OMC sectors pulled the overall flow 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 aforesaid sector.

Pakistan’s stock market has gathered back strappingly in a few months, becoming the best player 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.

As per the market specialists, 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 contribution for the 100-index companies was improved to 181.96 million shares today.

Bilal Awais