Ignoring Trump's threat, 100-index surges on valuation

KARACHI: It was only yesterday that the bench mark 100-index in Pakistan Stock Exchange closed at around 41,000 points, but today the market managed to get to nearly 43,000.

Market was falling on political uncertainty and deteriorating economic fundamentals but perhaps the fall has somehow balanced out the equation and bulls have taken control.

Investors traded some 166 million shares valuing more than Rs9 billion, while market capitalisation surged by Rs156 billion to close the day at Rs8,934 billion.

According to the closing note by Topline, foreigners were net sellers for the day. But the rally was mainly due to institutional and local buying, the brokerage house stated.

On the other hand, as per Insight Securities, the market ignored US President Donald Trump’s statement regarding the Pakistan-Afghanistan policy and political uncertainty primarily due to attractive valuation and interest mainly witnessed in the dollar stream revenue stock on rupee devaluation.