Pakistan stock market surpasses 39,000 points after nine months

Chief of Army Staff General Qamar Javed Bajwa’s extension helps end political uncertainty

Salman Siddiqui – November 29, 2019

KARACHI: The booming Pakistan stock market surpassed 39,000 points level after a gap of almost nine months on Friday.

“A further improvement in the country’s foreign currency reserves motivated investors to make extended buying,” Arif Habib Limited Head of Research Samiullah Tariq said while talking to The Express Tribune.

Pakistan Stock Exchange (PSX)’s benchmark KSE-100 Index closed with a gain of 446.78 points at 39,153.05 points at the end of first of the two-session at 12noon on Friday.

The second session would begin at 2:30 and conclude at 4:30.

There is a correlation between the reserves position and KSE-100 Index position. “Both have recovered to (early) March 2019 level,” he said.

The analyst said the six-month extension in tenure of the serving Chief of Army Staff General Qamar Javed Bajwa ended political uncertainty. This development also played a pivotal role in attracting extended buying at PSX.

The market continued to perform upward on the army chief extension reports since Thursday, he said.

Head of Equity Sales Saad Bin Ahmed said “the market is strongly expected to cross 40,000 points mark soon.”

Investors are targeting 42,000 points level now. The level may be tested sometime in December, he added.

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