Karachi Stock Exchange continued the excitement today as markets rejoiced the statement from Asif Ali Zardari asking Former Premier Nawaz Sharif to return as a condition for resigning from assemblies. Sensing a crack within PDM – leading to delay in the Long March scheduled for 26th March – investors breathed a sigh of relief as stocks closed up majorly in green. In addition, continuous strengthening of PKR vs USD at Rs 155.7 after seeing REER’s latest number of 95, growth stocks witnessed further upwards trajectory.
KSE-100 closed up by 593.25 points to 45,450.31 levels with 263.1mn volumes. Highest activity was recorded in TRG (+6.67%) with 34.4mn shares traded, BYCO (+10.99%) with 32.4mn shares and PRL (+5.16%) with 26.7mn shares traded.
We expect this green-over to linger on tomorrow as well as govt gears up for IMF’s suggested reforms and paves way for IMF”s tranche and global bonds issuance. The valuations are attractive as we speak and bulls are entering back for a newer highs of KSE – 100 Index. Among noticeable notices, PakGen power reported that Providus Capital has taken 10% stake in PakGen Power.