Stocks soar higher on stability bets
Business
March 16, 2021
Stocks on Monday matched the Fridayâs stride as the rally set off by governmentâs Senate recovery endures, dealers said.
KSE-100 shares index gained 2.23 percent or 978.51 points to close at 44,766.59 points. On a day-on-day basis total traded volume rose 2.9 percent to 455.35 million shares, while value grew 1.6 percent to Rs21.95.
Topline Securities in a note said clarity over senate chairmanship buoyed sentiment, while investors shrugged off concerns of a higher inflation and political noise arising from Long March and PPPâs challenging the Senate chairmanship election in Supreme Court.
Major positive contributors were TRG, PSO, LUCK, SYS, and HUBC that cumulatively added around 327 points to the index, the brokerage said. As many as 403 scrips were active, of which 332 advanced, 59 declined, and 12 remained unchanged.
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Market watch: Stocks bounce back, partially recoup losses
Benchmark KSE-100 index rises 558.81 points to settle at 45,837.35
PHOTO: ONLINE
KARACHI:
The stock market bounced back on Friday and recouped more than half of the huge loss of nearly 900 points that the benchmark index suffered in the previous trading session.
During the day, the Sensitive Price Indicator (SPI) for the week ended March 4, 2021 was released, which recorded an increase of 15% year-on-year, generating investor interest in bank stocks.
Meanwhile, the international crude oil prices jumped more than 2%, hitting their highest in nearly 14 months, which also lent support to optimism in the stock market.
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