Summary Previous day, KSE had saw visible sell-off as index fell by 956 points
KARACHI (Web Desk) – Bulls regained supremacy on the business of the Pakistan Stock Exchange (PSX) on Tuesday, compensating most of Monday’s damage and the experts attributed the reversal to clarity in the appointment of a caretaker government among other reasons.
The KSE-100 index gained 903.76 points, or 1.91 per cent, to close at 48,333.58 points, which was also an intra-day high in the business hours.
The previous day, the KSE had seen a visible sell-off as the KSE-100 index fell by 956 points, equivalent to 1.98 per cent, finally closing at 47,429.82 points due to a series of factors.
Topline Securities CEO Mohammed Sohail said the market’s response on Tuesday was caused by reports indicating increased clarity about the new caretaker set-up, alongside the potential approval of the refinery policy by the federal cabinet.
In response to these reports, the market exhibited a positive reaction by recouping its losses, he said, adding that the prevailing force and sentiment in the market appeared favourable for further progression.
Arif Habib Commodities CEO Ahsan Mehanti said the stocks concluded on a bullish note and attributed it to reports concerning the appointment of a caretaker prime minister and the IMF’s approval of a circular debt management plan, accompanied by State-owned Enterprises’ corporate dividends issuance.
The rupee’s recovery, buoyed by positive economic data reflecting a favourable trade deficit for July 2023, played a significant catalyst role in driving the bullish closing trend, he also emphasised.
Research at Intermarket Securities head Raza Jafri is of the view the KSE-100 recovered nearly all of the damages sustained on the previous day.
