KSE-100 index rises 979 points following surge in global markets

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Stocks continued their recovery on Monday with the KSE-100 index recouping another 978.51 points (2.23 per cent) on the first trading day of the week following an upsurge in world markets on increasing bets on faster economic recovery.

At the close of the day, the index settled in the green at 44,766.59.

The benchmark index opened at 43,788.08 points, which was also the lowest level seen by the market during intra-day trading. As the bulls took charge, it reached an apex of 44,839.19 points.

The rollout of Covid-19 vaccinations in the United States and some other countries stoked a bullish mood on risk assets in global markets even as investors become wary of key central bank policy meetings later in the week, including the US Federal Reserve’s.

By 9:56am, the KSE-100 index notched up 747 points and was trading at 44,535 points, up 1.75 per cent.

The rally was led by the cement sector which contributed around 133 points, followed by the technology and communication sector which contributed about 117 points.

Scrips that were among the major gainers included TRG, LUCK, HBL, HUBC and SYS.

Last week, the KSE-100 index plunged 2,049 points, or 4.5 per cent, to settle at 43,788 points. A relief rally on Friday recovered 1,008 points, though it could not wipe off the blemish of the worst weekly performance in the year both in terms of a slump in points as well as percentage over one year.

The market had last seen such dismal performance in the week ended Mar 27, 2020, with a drop in index by 2,558 points, or 8.3pc, week-on-week.