Staff Reporter
Karachi
The stock market staged a remarkable rally on Tuesday as it soared over 1,300 points on the back of encouraging inflation indicators. The Consumer Price Index (CPI) came in at 8.91% for October 2020, which was far below market expectations as it had anticipated a significantly higher number because of a hike in prices of utilities. A recovery in international equity markets, with major Asian stock markets reporting at least 1% jump, helped the benchmark KSE-100 index snap a four-session losing streak and close with handsome gains.
Earlier, trading kicked off with a spike and the market remained on an uptrend for the rest of the session. The rise accelerated towards the close of trading, which inflated the gains. The market surge helped pare the losses endured by the KSE-100 index a day ago.
At close, the benchmark KSE-100 index recorded an increase of 1,368.70 points, or 3.5%, to settle at 40,480.88 points.
