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Stocks rally over 800 points in intra-day trading

Stocks rally over 800 points in intra-day trading

KARACHI: The stock market witnessed a remarkable rally as the KSE-100 index surged over 800 points in intra-day trading, surpassing the 35,000-mark on Monday. The index has crossed the 35,000 level after many months, said Alpha Beta Core CEO Khurram Schehzad.

The KSE-100 index maintained an uptrend from the moment trading began as investors shed fears and resumed buying activity.

“Decline in interest rates (secondary market yield), subsiding dharna fears, stability in currency parity, and improvement on the external account fronts are some key reasons for improved confidence,” he added.

At 1:04pm, the KSE-100 Index – a benchmark for market performance – was up 853.19 points or 2.48% to stand at 35,230.80 points.

Meanwhile, Next Capital Managing Director Muzammil Aslam was of the view that the bullish trend was likely due to the International Monetary Fund review going satisfactorily and primary surplus in the first quarter, which indicated macros are moving in the right direction.

Moreover, the developing situation in Islamabad hinting that the sit-in is unlikely to sustain also helped improve investor sentiments.