KSE -100 jumps again,crosses 50,100

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KARACHI: 

KSE-100 Index – a benchmark for market performance – opened with a maximum increase, finishing with a 1,565.63-point increase on Monday.

Banking, cement and oil stocks push the index forward as shares included in the MSCI Pakistan Index led the gains.

At close, the Pakistan Stock Exchange’s (PSX) KSE-100 Index ended at 50,120.93 points for a gain of 3.22%.

The increase comes after $6.8 billion were wiped off the country’s stock market in a bearish run that saw the KSE-100 correct close to 7% over the previous week.

Inclusion in MSCI Emerging Markets Index and higher rates of taxes announced in the federal budget caused the correction.

On Monday, however, stocks returned to winning ways, with investors adopting a bullish stance due to attractive valuations and rising oil prices.

Bank of Punjab (Rights) was the volume leader with 26 million shares, followed by Power Cement (Rights) and K-Electric with 19.7 million and 14 million shares, respectively.

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