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PSX Stages Remarkable Rally with Gain of 1014 Points

Karachi (January 07, 2019): Stocks staged a remarkable rally on Monday, surging over 1014 points in intra-day trading on the back of assurances from Crown Prince of Abu Dhabi to help bring Pakistan out of financial crisis.

The financial package worth $3 billion and discussions regarding an oil credit facility boosted investor confidence, who took to buying in droves. The renewed buying led the index to power past the 38,000 marks on Monday.The KSE-100 index – a benchmark for market performance – closed at 38,562.67 points.

Besides, a statement by Fitch Solutions that Pakistan’s central bank would keep interest rate unchanged at 10% in the next monetary policy statement due this month and uptrend in global markets also attracted investors taking fresh bets, said, analysts.

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