Stock mar­ket gains 261 points

Daily Messenger - - Biz -

KARACHI: The stock mar­ket recorded sharp re­cov­ery be­fore the close of the mar­ket as fi­nan­cial in­sti­tu­tions and mu­tual funds took op­por­tu­nity of the down­ward slide wit­nessed in the out­go­ing week un­der the lead of ce­ment shares over the news that likely to com­mence Daim­ler Basha Dam for June 2019.

The KSE-100 In­dex closed to­day at 38562.05 points as com­pared to 38300.63 points on the last work­ing day with a pos­i­tive change of 261.42 points.

“Noth­ing has been changed from Thurs­day hori­zon, the coun­try has same eco­nomic is­sues rather sev­eral num­bers de­ter the in­vest­ment es­pe­cially the for­eign ex­change re­serves, which has been con­tin­u­ously on the down­ward slide”, an an­a­lyst said.

The mar­ket opened on a neg­a­tive note and reg­is­tered a ses­sion low of 37771 points, los­ing nearly 522 points. How­ever, some short cover­ing from the fi­nan­cial in­sti­tu­tions and fresh buy­ing from mu­tual funds in se­lected scrips be­long­ing to auto, banks, ce­ment, fer­til­izer and oil and ex­plo­ration sec­tors turned ta­ble and the mar­ket closed on a pos­i­tive note. How­ever, dur­ing the week in­vestors mostly stayed from the mar­ket be­cause of the state­ment from the Prime Minister Im­ran Khan that elec­tion could be held mid-term. This was enough to rock the in­vestors’ con­fi­dence.

How­ever, two de­vel­op­ments dur­ing the ses­sion sup­ported the mar­ket and helped im­proved the share prices. The gov­ern­ment has planned to start the con­struc­tion of Di­amier Basha Dam from June 2019 pulled the in­vestors and plac­ing fresh deals in the ce­ment stocks. Be­cause the start con­struc­tion to in­crease the sales and fac­tor which helped Kelec­tric to show re­cov­ery was the Prime Minister Im­ran Khan state­ment wel­com­ing Shang­hai Elec­tric plans to in­vest in the coun­try. The Prime Minister said the gov­ern­ment will sup­port for­eign in­vestors and will pro­vide in­cen­tive to in­crease in­vest­ment.

On the othe hand, Pak­istan ru­pee has been slid­ing slowly and for the last three days cur­rency suf­fered de­pre­ci­a­tion. Dol­lar on Fri­day closed at 138.89 ru­pee com­pared with 138.74 of Thurs­day.

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