Pakistan stock market continued its upward journey on the back of positive news and prices adjustments in previous day correction. The benchmark KSE-100 Index reached as high as 46,631 points levels before noon with gains of 364 points above previous day close.
The bulls got strong support from the positive news flow that seems to consolidate the index above 46,500 points mark this week, traders and analysts said.
The improvement in exports, above target tax collection and hopes related to arrival of COVID vaccine added to the confidence of the investors. The energy and oil stocks were up due to current increase in oil prices in international market.
Commerce Adviser Razak Dawood in a statement on Monday said that Pakistan’s exports had maintained growth and for the first time in eight years have crossed the $2 billion mark in four consecutive months.
Pakistan’s exports grew for the fifth consecutive month in January to $2.14 billion, up to eight per cent from $1.98bn in the corresponding month last year, data released by the Ministry of Commerce (MoC) showed.
Dawood said that Pakistani exporters have achieved this feat despite difficulties created by the Covid-19 pandemic, regional export situation and contraction in major markets.
Oil prices rose around 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains for a market thrown out of kilter by weak demand during the coronavirus pandemic.
Brent crude was up 48 cents, or 0.9%, at $56.83 a barrel by 0754 GMT, its third straight day of gains. US oil gained 52 cents, or 1%, to $54.07. Both contracts rose more than 2% in the previous session.