The Pakistan Stock Exchange welcomed the new year with jubilance closing well in the positive. The KSE100 gained 679 points to reach 44,434.
Continuing its trend from yesterday, the index started off with a leap. Pressure was observed at 44,000 however the market was able to surpass those levels before the second half. Volumes also saw a healthy increase showing that investors are optimistic about the coming year.
As Covid-19 cases have stayed under the 2500 mark for the past 7 days, Pakistan is showing signs of resilience to the virus. This coupled with a healthy deceleration in inflation reported on a MoM basis shows a healthy economy and stability in the capital markets.
Globally a number of equity markets were enjoying a holiday on account of the New Year. The U.K. has now officially exited the European Union as of 1stJan 2021 marking an end to an often turbulent relationship. Brexit is expected to impact European capital markets in the days to come.
At the closing bell 201 companies had advanced with 154 closing in the red. 16 companies remained unchanged.
Market participation for the KSE100 Index increased to 386M from 321M in the previous session (20% on d/d basis). Major contribution to total market volume came from POWER, HASCOL and PRL combined for 104M shares out of the total market volume of 642M shares.