KARACHI: Bulls at the Pakistan Stock Exchange (PSX) seem to be in full domination as positive news regarding economic indicators, corporate activities, and the decrease in COVID-19 infection rate opted investors for increase investment.
KSE-100 index went above 47,900 points mark during mid-day. The investors are provoked due to corporate activities such as investment in new ventures, expansions, acquisitions, and sales improvement. The noticeable decline in COVID-19 positivity rates in the country also added to the investors’ confidence.
The benchmark KSE-100 Index started the day in positive as an extension of the previous week’s trend, the fresh buying in technology, cement and banking stocks pushed the Index above 47,900 points barrier within the first hour of the trade today. KSE-100 Index was trading at 47,979 points at 11:55 am up 840 points compare to the previous day’s closing.
The benchmark Index witnessed such high levels on June 6, 2017, with 50,144 points. “The market seems to be in the bulls control with the positive news and the hopes for upcoming business scenario attracting fresh investments,” traders and analysts said. “The activity already started to pick up during the last week that provided the base for further increase today,” they added.
Meanwhile, on the corporate side Systems Limited, one of the top technology companies in Pakistan, which was shortlisted in Forbes top 200 companies list has disclosed its plan to invest in Retailistan Private Limited, an online retail portal in order to increase its presence in a high potential digital retail market business in Pakistan.
