From Zeeshan Mirza
KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index gained over 394 points during trade on Monday, which analysts attributed to what seemed like an improved outlook in the economy.
The optimism in the market came as the government announced a reduction in fuel prices, slashing the prices of petrol and high-speed diesel by Rs8 per litre and Rs11 per litre, respectively, for the next fortnight. It also follows a weeks-long rally of the Pakistani rupee. It appreciated by Rs0.98 to reach 286.76 against the dollar by day’s end, according to the State Bank of Pakistan. The index reached 46,627.08, up 0.85pc, when the trading closed. It had reached a high of 46,704.63 points at 11:15am, 472.04 points from the previous close of 46,232.59 points.
Major activity was reported in stocks such as WorldCall Telecom Limited, Cnergyico PK Limited, Oil and Gas Development Company Limited, Pakistan Petroleum Limited, First Prudential Modaraba and BankIslami Pakistan Limited.
The top advancers included First Punjab Modaraba, Pak-Gulf Leasing Company Limited, Hala Enterprises Limited, and First Prudential Modaraba. The top losers included PICIC Insurance Limited, SME Leasing Limited, Ashfaq Textile Mills Limited and Habib Insurance Company Limited.
Raza Jafri, head of equity Intermarket Securities, said: “The KSE-100 is reacting positively as it becomes clear that there will be a continued focus on the economy from all key stakeholders. The CPI [consumer price index] print for September, due later today, will be interesting to monitor as it is possible the market chooses to ignore a likely high reading in favour of an improving outlook.”
