KSE-100 gains 528 points on expected Cabinet decision

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) bounced back on Thursday and gained 528 points on measures to narrow current account deficit.

The KSE-100 index closed at 41,049.91 points from last day’s closing of 40,521.91 points with gain of 528 points.
Analysts at Topline Securities said Pakistan equities climbed upwards as the long-awaited cabinet meeting resumed today to take decisions on measures to narrow Current Account Deficit (CAD) and reverse reduction in income tax implemented by the previous government (though no major decision has come out as yet).
As a result, market turned positive with expectations of remedial measures on the external front. To note, market has gained 500+ points for the first time after Jul 30, 2018.
Commercial banks, Fertilizer and Oil & Gas Exploration Companies contributed the most to the index’s gains, adding 262 points due to attractive valuation levels, in our view. MLCF grabbed investors’ attention (expectations of poor earnings show) with volumes traded at 21.9 million shares, closing down by 0.23 percent.
Market participation improved in today’s session as indicated by 9 percent higher volumes at 149 million shares and 25 percent higher value traded to record $53.6 million.