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KSE-100 soars past 38,000 points

KSE-100 soars past 38,000 points

KARACHI: The KSE-100 skyrocketed over 650 points and crossed the 38,000-point mark on Monday to trade at seven month high as political noise dampened.

Investor sentiments strengthened following the Lahore High Court’s decision to remove former prime minister Nawaz Sharif’s name from the exit control list (ECL) permitting him to travel abroad for medical treatment.

“The diffusion in political tensions have pushed the market upward,” Arif Habib Limited Head of Research Samiullah Tariq said while talking to media.

He added that political tensions alleviated after former prime minister Nawaz Sharif was granted permission to travel abroad for medical treatment and the market welcomed the development.

Besides, the increase of foreign investment in fixed income instruments like T-bills improved the mood at the bourse and invited extended buying across the board.

Topline Securities CEO Muhammad Sohail said expectation of lesser political noise following Lahore High Court’s decision strengthened investor sentiments.

In a report, Arif Habib Limited stated that KSE-100 index, while trading on Monday, crossed 38,000 level for the first time after April 3, 2019.

The market is trading at a seven-month high, it added.

At 12:18 PM, the KSE-100 index was trading at 38,243.37 points after a gain of 659.48 points or 1.72%.