Staff Reporter
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 (SBP).
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.
Among banking sector stocks, HBL and NBP recorded high volumes with small price gains. Comparatively, MCB posted better gains but volumes remained thin. Cement sector stocks, which performed well in the past two sessions, remained muted. The exploration and production sector also lacked any excitement, which coincided with slight changes in international crude oil prices.
