Monday, May 17, 2021  | 4 Shawwal, 1442
Samaa TV
Facebook Twitter Youtube
HOME > Money

Pakistan Stock Exchange crosses 44,000-mark after 32 months

Power and energy stocks propel the bullish trend

SAMAA | - Posted: Jan 1, 2021 | Last Updated: 5 months ago
SAMAA |
Posted: Jan 1, 2021 | Last Updated: 5 months ago
Pakistan Stock Exchange crosses 44,000-mark after 32 months

The government’s announcement of resolving the power sector’s circular debt issue and extending of amnesty scheme for the construction sector saw the Pakistan Stock Exchange’s KSE-100 Index climb over 1,100 points during the day.

The benchmark KSE-100 index gained 680 points on Friday to cross the 44,000-mark after 32 months. It closed at 44,435 points.

The index went up by 1,120 points during the day before profit-booking took place, according to Saqib Hussain, a senior research analyst at Akseer Research. The last time the index was at this level was in May 2018.

“The announcement to resolve the circular debt issue and the extension of amnesty scheme were the main reasons for the rally during the day,” Hussain said.

The government will be settling a circular debt of Rs450 billion with power generation companies called IPPs in three installments during the year.  

On Thursday, it announced an extension in amnesty scheme for the construction sector till June 2021. The scheme was scheduled to expire on December 31.

Karim Punjani, another research analyst, agreed that these two reasons played a major role in helping the KSE-100 index move up. Punjani, however, said that the rally was powered by the “January effect” too.

Stock markets usually perform well during the month of January, according to the analyst.

He said the news of the resolution of circular debt issue not only drove the power sector stocks, but it also pushed oil and gas exploration and marketing companies such as the OGDCL and the PSO.

Punjani said that other stocks such as banks also performed well. It was due to the positive sentiment in January, he added.    

FaceBook WhatsApp
 
HOME  
 
 
RELATED STORIES

Tell us what you think:

Your email address will not be published.

FaceBook WhatsApp
 

 
 
ethereum price,bitcoin vs ethereum chart,bitcoin vs ethereum difference,bitcoin or ethereum 2021,ethereum vs bitcoin investment,bitcoin vs ethereum energy consumption,next big cryptocurrency,bitcoin price,ethereum live,what is ethereum,ethereum classic price prediction 2021,ethereum classic,ethereum price prediction,bitcoin vs ethereum,ethereum vs bitcoin,ethereum price prediction 2021,ethereum,samaa news live,samaa news,samaa
 

MOST READ
MOST READ
Eid 2021: Namaz time in major cities
Shawwal moon not sighted in Saudi Arabia
North Waziristan: Clerics booked for announcing Eid Wednesday
Eidi in fresh notes to be expensive this year
Public transport to resume across Pakistan from May 16: NCOC
Sea storm to bring gusty winds, rain in Sindh
Karachi to experience heatwave from May 15
 
 
 
 
 
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs   |   Authors   |   Comment Policy
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp