Summary Pakistan Stock Exchange 100-index rose 775 points on second day of new year.
KARACHI (Dunya News) - Investors dumped President Donald Trump statement over Pakistan on Monday and without any fear placed sizeable deals in blue chips and trading stocks, crossing 41000 points comfortably boosting the market capitalization by Rs 150 billion.
Pakistan Stock Exchange 100-index rose 775 points to 41486 points on second day of the new year.
The market commenced with a cautious note and index moved in a narrow band but most of the financial institutions and seasoned investors placed sizeable in blue chips and trading stocks helping the index to score as much 800 points during the trading session.
“Seasoned investors and high net worth financial institutions totally ignored the statement of the US President Donald Trump that Pakistan has done less and made the United States fool and harboring the terrorists”, analysts said.
They argued that the President has gone made and not aware of the situation rather mistakes the US done in Afghanistan wanted some escape goat. The US has been afraid of the recent meetings between the officials of Pakistan, China and Afghanistan, where China has offered peaceful talks and wanted to increase harmony between the tri-nation and boost economic activities.
Market’s sentiment was also partly helped by China’s comments supporting Pakistan’s counter terrorism efforts.
Higher oil prices in global and domestic markets helped geared up the sentiment where most of the oil related stocks showed healthy recovery.
Moreover, discovery at block near Naushero Feroz belonging to Pakistan Petroleum Limited also turned into big boosting factor for the market men.
(Story by Haris Zamir)
