KSE-100 soars 1,112 points buoyed by cement sector
Shares at the Pakistan Stock Exchange soared on Thursday as the benchmark KSE-100 index gained 1,111.90 points, or 2.57 per cent, to close the day at 44,333.68.
Remaining in the green almost throughout the session, the index saw the addition of 769.37 points during intraday trading by 12:48pm. The day's high was recorded at 44,431.65 points, while 43,046.25 was the lowest level recorded. Today's bull run comes a day after the market plunged, losing 661 points, as economic and political uncertainties weighed down investor sentiment.
Speaking to Dawn.com on today's rise, Alpha Beta Core chief executive Khurram Schehzad said the stock market had seen support at the 43,000 level, adding that fast recovery had been observed after several weeks of decline.
"Purchases at a good level in the cement sector have turned the market green. Hopefully, the notification will be issued for the DG ISI matter which will reduce the atmosphere of [political] confrontation and the market will begin to go up again."
Raza Jafri, head of equities at Intermarket Securities, also attributed the change in the market's direction to the cement sector. "Share prices are quite low in the cement sector which is why trading is being seen in it," he said.
Jafri said the market could take a new direction if it closed at more than 44,000 points. He also credited the support of financial institutions for the improvement in the market.
The market witnessed a declining trend on the first day of the week as investors reacted to the news of a global tax deal that sought to end safe tax havens. It also witnessed a bloodbath on Tuesday as investors remained cautious, this time over the delay in notifying the new chief of the InterServices Intelligence (ISI).
Last week, the Inter-Services Public Relations (ISPR) had announced that Lt Gen Nadeem Ahmed Anjum had been appointed the new ISI chief. Lt Gen Faiz Hameed, formerly the ISI director general, was posted as the Peshawar corps commander.
However, despite the passage of days following the ISPR announcements, a notification confirming Lt Gen Anjum's appointment as the new DG ISI has not been issued by the Prime Minister's Office.
Investors have also been concerned about the inflationary impact of high international oil prices as well as ongoing talks with the International Monetary Fund (IMF). The PSX ended the day in the red with the benchmark index shedding 661.3 points, or 1.51pc, to close at 43,221.78 points.
Graana.com, in collaboration with the State Bank of Pakistan, hosted overseas Pakistanis at the launch event of 'Roshan Apna Ghar Scheme' in Dubai.
President Arif Alvi graced the occasion as the chief guest of the event. The president will meet leading businessmen, investors, entrepreneurs, senior representatives of information technology companies, and media persons during his stay.
Alvi is on a two-day visit to the
United Arab Emirates (UAE), where he also formally inaugurated the Pakistani pavilion at Expo 2020 Dubai. He is also scheduled to interact with members of the Pakistani community in the UAE. The other esteemed guests of the event included Commerce Minister Abdul Razak Dawood, Governor State Bank of Pakistan Reza Baqir, Deputy Governor Jameel Ahmed, Meezan Bank President & CEO Irfan Siddiqui, Habib Bank Limited President & CEO Muhammad Aurangzeb, and Bank Alfalah President & CEO Atif Bajwa.
Addressing the event, president Alvi said: "The present government is boosting the country's economy through various initiatives, including the real estate sector.
The Roshan Digital Accounts (RDA) and Roshan Apna Ghar (RAG) initiatives were introduced for the financial inclusion and facilitation of overseas Pakistan which are one of our biggest assets, given the positive inflow of remittances." Taking the stage, SBP Governor Raza Baqir informed: "The government of Pakistan has taken proper measures to ensure the emphasis was being laid on the protection of capital and promotion of transparency for the overseas Pakistanis through Roshan Apna Ghar programme that facilitates investment in real estate housing under this scheme."
Expressing his views in this regard, Chairman Imarat Group and CEO Grana.com Shafiq Akbar said, "Overseas Pakistanis are the biggest asset of Pakistan, and with Roshan Digital Bank Accounts, the investment potential of overseas Pakistanis is fully realised."