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POL price cut cheers stocks as KSE gains 59pts, 0.19% to reach 31,256pts

POL price cut cheers stocks as KSE gains 59pts, 0.19% to reach 31,256pts

KARACHI: Stocks responded to POL price cut positively as Karachi Stock Exchange benchmark 100-index gained 59 points or 0.19 percent to climb up to 31,256 points from the weekend closing of 31,197 points in early trading on Monday.

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.