KSE-100 soars past 40,000 points, trades at 10-month high
KARACHI: The KSE-100 index staged a handsome rally on Monday as investors took cues from positive economic indicators. The bourse shot past 40,000 points after a period of 10 months. Earlier, the bourse traded at 40,000 level in February 2019.
The Ministry of Commerce released trade data which revealed that the trade deficit contracted significantly during the month of November 2019.
Speaking to private channel, Arif Habib Limited Head of Research Samiullah Tariq said the KSE-100 continued a positive momentum and extended its gains which could be seen in the rally.
He said positive investor sentiments in the past few sessions fuelled the rise on Monday.
“The main reason behind the increase seems to be the contraction in current account deficit which stands at its lowest level since February 2016,” he said.
The analyst added that Moody’s rating agency has changed Pakistan’s outlook to stable from negative, signaling further improvement in foreign currency inflows into the country.
Tariq said investors took signals from high foreign investment in T bills in the past few days and the investment is expected to increase further in the future.
At 3:37 PM, the KSE-100 was trading at 40,133.66 points after an increase of 846.01 points or 2.11%