Pakistan’s stock market rebounded sharp today as investors bought the recent sharp dip in the share prices especially after the national infection rate declines & so do the number of daily infections. Policy makers have been guarded in saying that the infection rate is slightly decreasing after government proactively shut down areas in Punjab. Similarly, a positive momentum could be witnessed as World Bank has hinted that G-20 should extend debt-relief to December 2021. That should be a comforting news for currency & the market.
KSE-100 closed up by 856.49 points to 44,404.70 levels with 157.97mn shares traded. Highest activity was recorded in TRG (+7.50%) with 20.6mn shares traded, NETSOL (+6.0%) with 19.2mn shares and UNITY (+7.4%) with 16.5mn shares traded.
Interest was seen across the board- Technology, Cements, Autos, Refinery, Glass, Cement, Power, & Cable. We should expect interest to continue at a milder pace if infection rate doesn’t increase. Russia’s foreign minister visit puts a strong geo political message also. That’s a sign of not-so-isolated. Tomorrow, Service Global Footwear IPO’s book building starts. We expect tremendous response for it already.