KARACHI: The POL price cut, lowering inflation and other developments around boost confidence of the Karachi Stock Exchange as benchmark 100-index gained 187.06 points or 0.60 percent to climb up to 31,385.04 points from the weekend closing of 31,197 points till midday trading on Monday.
The stock appeared confident and continued upward march in a steady manner, attracting the attention of investors who were otherwise cautious. It seemed the POL price cut and comparatively lower inflation index have helped the market gained momentum.
The market opened on a depressed note and lost 17 points but showed resilience and recovered quickly, going up in a positively manner.
The KSE understandably reacted positively to POL price cut and other development across the political spectrum. The market seems to have decided to set a positive pace for the week and boost confidence of the investors.
Experts and analysts believe that the government’s decision on petroleum prices and its privatisation plans are expected to determine the sustainability of the positive macros.
The KSE-100 index decreased by 297 points, or 0.9 percent, on week-on-week basis to 31,198 points against 31,495 points last week.
