Pakistan News Today: Pakistan Stock Exchange experienced the largest gain this month since May 2013, as the stock market gained more than 5084 points in the month of November.
Malik Fazal Nadeem, the Assistant Vice President at BMA Capital Management told that the market experienced a record increase in the month of November, with more than 3.1 billion shares being traded in a single month. He added that the market has not gained these many points since May 2013. A 14.9% gain was recorded in the market in the month of November which is the closest to the 15% recorded in May 2013 in 6 years.
Fazal further told that at the end of this week, the KSE-100 index (Karachi Stock Exchange 100 Index) gained more than 39,000 points and they had not gained these many points since March 2019. Since the beginning of the trade, the KSE-100 index has maintained an uptrend, reaching an intraday high of 746 points on Friday. It gained 581 points and closed at 39,287 points at the end of Friday.
The boom of stock exchange has given new hope to investors and the shares are going up insane.
#KSE100 Index: 39,153.05
Opened at: 38,706.27
— Pakistan Stock Exchange (@kse_100) November 29, 2019
Usama Bin Saeed, the Senior Manager of Institutional Sales at Multiline Securities, said that the top 5 scripts accounted for 43% of the total KSE-100 volumes on Friday. In addition, he said that they see the golden cross on the daily chart, which is a technical chart pattern. He pointed out that this can be the cause of a sharp rise in the stock market.
Some analysts have told that the fact that the current Chief of Army Staff, General Qamar Javed Bajwa has been extended for six months has ended political uncertainty in the country and has played a key role in gaining the interest of more investors.
Further improvements in the foreign exchange reserves of Pakistan have also encouraged more investors to make investments and buy. The improvement of economic indicators and the stability of the average currency price has increased the confidence of the investors in the market.
To sum up, a total of 431.85 million shares were traded in the exchange on Friday. A total of 385 scrips were traded, in which 282 scrips were advanced, 87 were declined and 16 remained unchanged.