Summary Stocks showed record recovery led by cement, auto and oil scrips on strong earnings outlook.
KARACHI (Dunya News) - Pakistan Stock Exchange (PSX) after remaining in depression for the last couple of sessions recovered sharply under the lead of cement, steel and some oil exploring shares. The 100-index gained 592 points today (Tuesday).
Cement, oil, gas and some of the steel registered sharp improvement helping the index to recover the lost glory. Though the political situation has been quite fluid and risky but investors bet on blue chips and some of the trading stocks, lifting the overall sentiment.
On Monday, the slide was big but the positive portion of the rally was the foreign investors were the net buyers which paint a rosy picture on overall long term scenario.
The new finance team at every forum addressing the woes of the businessmen and convincing the community that the budget would be the industry and investors friendly.
Stocks showed record recovery led by cement, auto and oil scrips on strong earnings outlook.
Upbeat data on cement sales for Dec’17, record surge in global crude oil prices and revision in local auto prices led earnings season rally. Speculations on likely up-beat data on auto sales for Dec ‘17 played a catalyst role in bullish close at PSX.
(Story by Haris Zamir)
