KARACHI: Pakistan stocks on Monday posted ever highest single day gain of 1700 points on change in political setup.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 46,145 points from last Friday’s closing of 44,445 points, showing an increase of 1,700 points.
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Analysts at Topline Securities said that it was a historic day at Pakistan Equities where the KSE-100 index posted an ever highest gain of 1,700 points in a given day and closed at 46,145 (+1700 points; up 3.83 per cent) for the day.
The aforesaid rally is attributed to the change in political setup of the country over the last weekend where PM Imran Khan resigned as a result of successful “Vote of No Confidence” against him.
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During the trading hours, bullish sentiment hit the roof as massive buying was seen across the board where investors celebrated some resolution of the highly uncertain political environment over the last few days.
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Tech, Cements, Banks and Power sector’s stocks contributed positively today to the benchmark index where SYS, LUCK, TRG, HBL & HUBC added 425 points, cumulatively. On the flip side, INDU, FHAM & ABL have seen some profit taking today.
About 557 million shares traded today at the bourse while total value clocked in at Rs13.6 billion. WTL was the volume leader of the day with the trading of 40.7 million shares in it, today.
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