Market watch: Stocks gain 310 points on positive macros
Benchmark KSE-100 index rises 0.68% to settle at 45,654.34
PHOTO: AFP
KARACHI:
Ignoring the ongoing political uncertainty, the stock market notched up handsome gains on Friday as investors focused on positive economic indicators.
According to the Pakistan Bureau of Statistics (PBS), exports in December 2020 showed a significant improvement and surged to $2.35 billion, an increase of 18.3%.
Furthermore, the foreign exchange reserves held by the central bank rose 1.98% on a weekly basis, according to data released by the State Bank of Pakistan (SBP), which boosted investors’ confidence.
However, political uncertainty amid continued sit-ins across the county by mourners of the Hazara community, which entered the sixth consecutive day on Friday, gave bears a chance to take charge at regular intervals, wiping off most of the gains during the second session of the day.
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Market watch: PSX closes 2020 on positive note
Benchmark KSE-100 index rises 60.62 points to settle at 43,755.38
Overall, trading volumes rose to 578.3 million shares compared with Wednesday’s tally of 456 million. PHOTO: REUTERS
KARACHI:
The final trading session of 2020 was marred by volatile activity as the benchmark KSE-100 index kept climbing and dipping throughout the day. However, optimistic investors aided the index to close the year with a slim gain of 61 points.
The uptrend was supported by Prime Minister Imran Khan’s announcement of extension in the fixed tax regime for the construction sector on Thursday. It triggered a rally in cement and steel sectors and as a result, major stocks of the two sectors closed in the green.