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KSE-100 reaches four-month high

SAMAA | - Posted: Jul 11, 2020 | Last Updated: 2 months ago
Posted: Jul 11, 2020 | Last Updated: 2 months ago
KSE-100 reaches four-month high

Photo: Online

Photo: Online

The KSE-100 index, the benchmark index at the Pakistan Stock Exchange (PSX), moved up 3.3% compared to last week, showing an upward trajectory for the third consecutive week and also marking a four-month high.

The KSE-100 index improved by 1,139 points during the week to reach 36,190 points. The last time the KSE-100 was above the 36,000-mark was in March.

Read more: Value investors buy Organic Meat’s share for Rs20

A total of 1.74 billion shares were traded worth Rs61 billion and capitalization increased by Rs199 billion to Rs6,841 billion.

AKD Securities attributes this to significant retail participation, which is an indications of stability in the resumption of commercial activity post-COVID-19 and a better consumer spending outlook.

Meanwhile, the year’s first Initial Public Offering (IPO) of The Organic Meat Company (TOMC) was subscribed by 1.7 times, indicating a positive response by investors despite the pandemic that has slowed down the economy and pushed GDP into negative territory for the first time since 1952.

Read more: Pakistan’s stock market ‘more likely to outperform’ post-COVID

Apart from relaxations on loans by the SBP, the Overseas Investors Chamber of Commerce and Industry OICCI also released the results of its latest Annual Security Survey 2020, covering feedback on the security environment from July 2019 to June 2020, where foreign investors have shown a high level of satisfaction on the fast improving security environment in the main business centeres of Pakistan–Karachi and Lahore.

These developments have helped improved investors’ confidence in the stock exchange.

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