Shares at the Pakistan Stock Exchange soared on Thursday as the benchmark KSE-100 index gained 769.37 points, or 1.78 per cent, during intra-day trading to reach 43,991.15 by 12:48pm.
Today’s bull run comes a day after the market plunged on Wednesday, losing 661 points, as economic and political uncertainties weighed down investor sentiment.
Speaking to Dawn.com on today’s rise, Alpha Beta Core chief executive Khurram Schehzad said the stock market had seen support at the 43,000 level, adding that fast recovery had been observed after several weeks of decline.
“Purchases at a good level in the cement sector have turned the market green. Hopefully, the notification will be issued for the DG ISI matter which will reduce the atmosphere of [political] confrontation and the market will begin to go up again.”
Raza Jafri, head of equities at Intermarket Securities, also attributed the change in the market’s direction to the cement sector. “Share prices are quite low in the cement sector which is why trading is being seen in it,” he said.
Jafri said the market could take a new direction if it closed at more than 44,000 points. He also credited the support of financial institutions for the improvement in the market.
More to follow.