KSE-100 jumps 501.68 points despite S&P downgrading report
Investors have been eyeing on proposed reduction in cost of doing business in Pakistan.
(Web Desk) – Pakistan Stock Exchange paddled up 501 points or (1.22%) and closed at 41,614.39 points on Monday as compared to 41112.71 points on the last working day with a positive change of 501.68 points.
As investors continued to accumulate stocks, the total turnover was 254,108,750 as compared to 228,920,690 on the last working day with B.O Punjab having the highest turnover of 19,840,000.
Investors have been eyeing on proposed reduction in cost of doing business in Pakistan.
Overall, trading volumes increased to 254.1 million shares compared with Friday’s tally of 228.9 million. The value of shares traded during the day was Rs9.8 billion.
Shares of 374 companies were traded. At the end of the day, 251 stocks closed higher, 105 declined and 18 remained unchanged.
Nestle Pakistan recorded the maximum increase in its share price, which was 390.00 rupees while Philip Morris Pak. recorded maximum decrease of 170.44 rupees.
The trend got a slight dent on the news of S&P downgrading Pakistan from B to B-, however, the negative sentiment couldn’t actually prevail in the end.
Besides, the trend has also been supported by the upcoming visit of Saudi Crown Prince Mohammad bin Salman to Pakistan, which has kept investors’ interest alive.
Analysts stated that the market has been rising in the wake of positive news flow on macro-economic front including FDI flows from friendly countries.
