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Stocks march past 40,000 level

Stocks march past 40,000 level

KARACHI: Stocks extended rally into the second day with the KSE-100 index recording a massive surge of 816.67 points (2.06 per cent) and closing above the 40,000-level at 40,531.13.

Although the index has more than offset the declines of 847points seen on Tuesday, it has still to make up for the nearly 10pc meltdown from 43,800 that the benchmark had managed to reach in a bullish rally that began in August 2019 to 39,297 on Monday.

Insight Securities CEO Zubair Ghulam Hussain affirmed that the major reason for market downside was the investors’ concern over the inflation figures for January which came at 14.6pc, higher than street expectations of 13.5-14pc.

He said that going forward, the market expects a decline in inflation due to drop in oil prices. Traders said the return of optimism in the last two days could be due to reports of the International Monetary Fund agreeing to trim down the revenue collection target to Rs4.9 trillion from Rs5.2tr set earlier.

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