Monday Jan 08, 2018
KARACHI: The Pakistan Stock Exchange continued its winning streak carrying forward its gains from last week on Monday. The benchmark KSE100 Index crossed the 43,000 point mark closing the day up by 1.4 percent.
The market opened on a strong note and continued building on gains as the day progressed aided by strong institutional flows.
Inside Securities Limited Director Zeeshan Afzal told Geo News that initial gains were led by listed gas utilities, Sui Northern and Sui Sourthern both closed on the upper lock of 5 percent as investors cheered news of a third LNG pipeline approval by the government.
Crecsent Steel that enjoys a monopoly in producing steel pipes used for gas and oil transmission also rallied on the aforementioned development.
Seeing stock-wise consolidation at current levels, however compelling valuations and fresh liquidity is expected to support bullish momentum in the near future, according to analysts.