KARACHI: KARACHI: The Karachi Stock Exchange benchmark KSE 100-index gained 101.74 points or 0.33 percent to reach 31299.72 points and volume of 238,689,700 shares on first day of trading, Monday.
There were rumours of downward trend as Pakistan Tehreek-e-Insaf Chairman Imran Khan has warned government if they do not agree his demands, he will going to shut down all business activities across the country.
The stock appeared confident and continued upward march in a steady manner, attracting the attention of investors who were otherwise cautious. It seemed the POL price cut and comparatively lower inflation index have helped the market gained momentum.
The market opened on a depressed note and lost 17 points but showed resilience and recovered quickly, going up in a positively manner.
The KSE understandably reacted positively to POL price cut and other development across the political spectrum. The market seems to have decided to set a positive pace for the week and boost confidence of the investors.
The POL price cut, lowering inflation and other developments around boost confidence of the Karachi Stock Exchange as benchmark 100-index gained 187.06 points or 0.60 percent to climb up to 31,385.04 points from the weekend closing of 31,197 points till midday.
As a whole 36.45 per cent of companies witnessed increase in their shares while 17.41 per cent lost their share value and 4.27 percent companies remained stable.
High and Low were 31441.78 and 31139.40 respectively. Total volume traded in the market was 238,689,700 shares.
Experts and analysts believe that the government’s decision on petroleum prices and its privatisation plans are expected to determine the sustainability of the positive macros.