KSE-100 hits 16-month peak as continue to soar for 2nd consecutive day

KARACHI (92 News) – The stock market roared on Thursday, continuing its rally from the previous day, as the KSE-100 index surged 1,080 points and crossed the 42,000-point mark to trade at 16-month highs. According to the reports, the benchmark KSE-100 index closing at 42,480 to register a rise of over 1,080 points (2.54 per cent). During the day, the Central Directorate of National Savings (CDNS) reduced rates of return on its saving schemes, which provided the market with a much-needed positive trigger and further strengthened investor sentiment. Moreover, the inflation reading for December was largely in line with market expectations, hence, the mood at the bourse remained unchanged during the day. Inflation came in at 12.63% for December 2019 against market expectations for a reading of between 12.8% and 13%. Combined with yesterday's rally, the market has risen 4.28pc or 1,745 points since the start of the new year (YTD). A daye earlier, the PSX began the new year in the green as KSE 100 index closed at 41,400 points against 40,735.08 points on Tuesday with the positive change of 664.92 points (1.63 %). A total of 330,740,610 shares valuing Rs 8.067 billion shares were traded as compared to 177,121,380 shares valuing Rs 7.078 billion on during the previous day. Total 361 companies’ shares were transacted, out of which 280 recorded gain and 67 sustained losses whereas the share price of 14 companies remained unchanged. In contrast, the stock market remained directionless on Tuesday, the last day of 2019, with the KSE-100 index closing 152.55 points (0.37 per cent) in the red at 40,735.08 after having traded in a narrow band between the intraday high and low of 110 and 119 points. Investor activity was also low on Tuesday as only 177m shares were traded, compared to over 238 million shares that exchanged hands today. More than half of the total 238m shares (119.4m) were attracted by K-Electric Ltd (KEL) after Nepra approved the utility’s power tariff hike, while in a separate development the Hub Power Company (HUBC) approached KEL to enact a carving out of its RFO-fired base plant.