The benchmark KSE-100 Index increased by 8.1% in the month of September to end a seven month successive decline that was the longest declining movement since 1991.
The benchmark index increased due to positives emerging on the macroeconomic front and decline in Bond yields in Fixed Income Market.
Market sentiment is likely to remain positive given significant increases in domestic tax collection and amendment in FERA (Foreign exchange regulations), 1947 to remain in compliance with FATF instructions. Domestic tax collection marked significant increase of 25% YoY leading the deficit to be decreased to Rs.106 billion against the target of Rs. 1,072 trillion.
The Index has gained 2,406 points in the month of September and closed at 32,078 level. Technical charts formation shows that the KSE-100 Index could find support near 31,700. A break below mentioned support could drag the index