Stock rallied yesterday with the KSE-100 index remaining in the positive-zone for most of the day with closing seen higher by 101.74 points to 31,299.72.
Market participants attributed investors’ enthusiasm to several developments which included sense of relief as the PTI protest on Nov 30 passed off peacefully.
The Consumer Price Index (CPI) numbers at 3.96 per cent for Nov released mid-day intensified activity in leveraged sectors on anticipation of further decline in interest rates. The heavy drop in prices of crude was a mixed blessing though.
Economists foresaw a huge improvement in country’s balance of payments. Yet the impact on the oil and gas sector was devastating.
Foreign investors were active in the market on Monday with gross purchases of $11.81 million and gross sales at $13.48m, resulting in net sale of $1.68m worth stocks.Just three of the 13 listed stocks were saved from brutal cut in prices with POL, APL, PPL, PSO and OGDC posting heavy losses, several on concerns over the inventory losses.
