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Weekly review: KSE makes history, nearly touches 31,000 points

Weekly review: KSE makes history, nearly touches 31,000 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened on positive sentiments on the first day of trading and gained 553.51 points in the week-long trading, as it opened at 30,376.53 points on Wednesday and closed at 30,930.04 points on Friday.

Earlier, the Customs Today predicted that the KSE 100-Index would touch the benchmark of 31,000 points till closing of the week on Friday. Earlier, Customs Today predicted cut in POL prices on October 3 and it happened on November 1. The stock market has almost grazed the highest-ever psychological barrier of 31,000 points.

On Wednesday, the KSE registered all time high of 30593.31 points taking a huge jump of 216.78 points or 0.71 percent after Ashura holidays. POL price cut and subsequent decline in inflation boosted confidence in shareholders. Foreign buying also played its role to lead the KSE on upward rally.

The benchmark index began the week on a positive note and the market kept on upward march, setting the trend for the day. The Karachi Stock Exchange went up 107 points or 0.35 percent to 30484 points in early trading.

On Wednesday, the KSE All Share Index surged by 0.86 percent or 192.52 points. The market volume improved by 91.968 million shares to 232.825 million shares as against 140.856 million shares posted on Friday. The capitalisation jacked up by Rs 60.589 billion ($605.893 million) to Rs 7.094 trillion ($70. 942 billion) whereas the trading value gained Rs 2.149 billion ($21.495 million) to Rs 11.763 billion ($117.635 million).

The Karachi Stock Exchange (KSE) 100-index gained 70.47 points to reach 30663.78 points and volume of 211,621,120 shares on Thursday by maintaining all time high position.

Moreover, on Thursday, power producers to likes of Hubco and Nishat Chunian Power were able to register firm gains on the back of lower Consumer Price Index (CPI) and growing prospect of discount rate cut in near future. Lucky Cement and Bank Al Falah were major gainers on institutional and foreign buying.

On Friday, the KSE has almost grazed the highest-ever psychological barrier of 31,000 points or 0.001% with intra-day high of 30999.71 points.

The KSE gained 266.26 points to close the week on 30912.09 points and volume of 158,275,810 shares on the last day of trading, Friday.

At a time, it looked that the market would touch or even cross the all-time record of 31,000 points mark but after gaining 331 points the market lost some points and closed lower.

Experts and analysts attributed the bullish trend to various factors both on the economic and political spectrum.

Experts predicted that the recent confidence of investors will further improve in coming days, boosting trade activities at the stocks and currency markets. “The bullish trend is being attributed to the government’s renewed efforts to revive privatisation of national units while restart of discussions with International Monetary Fund bode well and improved the investor’s confidence in the government’s macroeconomic policies,” they added.