KSE-100 Crosses 162k Mark After Rally

There is big and welcome news for investors from the Pakistan Stock Exchange. The bearish streak that has been going on for the past several days has finally broken and the market witnessed a huge rally on Tuesday. At the end of the trading day, the benchmark KSE 100 index closed at 162,896.68 with a stunning increase of 1,091.66 points, bringing back billions of rupees of investors’ sunk capital.

According to a Geo News correspondent, a positive trend was being seen in the market since this morning and brokers and investors looked quite enthusiastic in the trading hall. The index started the day at 163,033.72 points and soon buyers lined up. The market gained momentum in the middle of the day, reaching a high of 164,309.65 points. However, due to some profit-taking in the last hour, the index fell slightly, but still managed to close in the green zone with a huge gain of 0.67 percent. The market’s lowest point today was 162,563.58.

Stock experts say that the main reason for today’s record rally is the decline in crude oil prices in the global market and positive news regarding the domestic economy. A total of 169.98 million shares were traded in the KSE 100 index during today’s trading, which is proof that buyers have become active in the market once again. According to the data, during the current fiscal year (FYTD) the Pakistan Stock Market has given its investors a huge profit of 29.67 percent so far, while this year (CYTD) has seen a decline of 6.41 percent in the market so far.

Talking about the pullers of today’s market, United Bank Limited (UBL) was the biggest gainer and added a record 288.01 points to the index. This was followed by Bank Al Habib (BAHL) adding 152.69 points, Oil and Gas Development Company (OGDC) adding 142.76 points, Fauji Fertilizer (FFC) adding 140.83 points and Pakistan Petroleum Limited (PPL) adding 102.04 points to strengthen the market position.

On the other hand, some companies, known as the “Draggers” of the market, also showed a bearish trend. Among them, Engro Holdings (ENGROH) was the leader, due to which the index suffered a huge loss of 105.07 points. Apart from this, Meezan Bank (MEBL) lost 20.77 points, Cherat Cement lost 17.74 points, Fatima Fertilizer lost 17.73 points and Mari Petroleum lost 17.71 points. Brokers say that if the political and economic environment remains stable, the KSE 100 index can set new bullish records in the coming days.