KSE-100 wraps up FY20 on positive note
Statesman Report
KARACHI.: The stock market staged a modest rally on the last trading session of fiscal year 2019-20 and the KSE-100 index advanced 240 points on strengthening investor confidence after China parked $1.3 billion in the State Bank of Pakistan.
The approval of federal budget 2020-21 in late hours of Monday proved positive for the bourse and lent further support to the uptrend.
Overall, the session was marked by optimism as market participants pinned hopes on the Federal Board of Revenue, which was expected to undertake relief measures from July 1.
Earlier, trading kicked off on a positive note, however, the gains were erased in the afternoon and the index fell into the negative territory.
Strong investor sentiment triggered cherry-picking, which continued for the rest of the day, helping the market post gains and end the fiscal year on a positive note.
At close, the benchmark KSE-100 index recorded an increase of 240.12 points, or 0.7%, to settle at 34,421.92 points.
Arif Habib Limited, in its report, stated that the financial year ended on a positive note with the index gaining 240 points at 34,422.
Trading volumes also improved for the day, however, the focus was still on mark-to-market valuation of securities in investor portfolios.