Market watch: KSE-100 boosted by upbeat economic data
Benchmark index rises 164.56 points to settle at 42,470.40
KARACHI:
The stock market largely ignored political uncertainty for the third straight day on Friday, notching up modest gains as investors focused on encouraging economic data.
According to the State Bank of Pakistan (SBP), workers’ remittances increased to $2.34 billion in November 2020, 2.4% higher than in October and 28.4% higher than in November 2019.
Furthermore, the Asian Development Bank in its Outlook Supplement stated that Pakistan’s economy was on the path of recovery, particularly in the manufacturing and construction sectors, which boosted investors’ confidence.
However, political uncertainty ahead of Pakistan Democratic Movement’s (PDM) rally on December 13, coupled with rising coronavirus cases, gave bears a chance to take charge at regular intervals.
Market watch: KSE-100 gains 102 points in range bound session
Benchmark index advances 0.24% to settle at 42,305.84
Shares of 400 companies were traded. At the end of the day, 194 stocks closed higher. PHOTO: REUTERS
KARACHI:
Bulls held control of the stock market on Thursday and the KSE-100 index climbed 102 points amid cautious trading.
Political and regional instability failed to break the rising momentum of the index. On the domestic front, opposition parties had threatened to resign from the national and provincial assemblies, which was anticipated to impact trading during the session.
An overall lack of positive triggers, however, restrained the index from posting handsome gains and resulted in range-bound trading.