Pakistan Stock Exchange finally broke its downward trend as shares soared on Thursday and the KSE-100 index increased by 769.37 points, or 1.78%, during intra-day trading and hit 43,991.15 by 12:48 pm.
The bull run is followed by the loss of 661 points a day before when the market plummeted owing to political and economic uncertainties that wore down investor sentiment.
Chief Executive at Alpha Beta Core Khurram Schehzad said that the market had experienced support at the 43,000 level and that a fast-paced recovery was witnessed 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.”
Head of equities at Intermarket Securities, Raza Jafri, credited the cement sector for the change seen in the market’s performance. He said, “Share prices are quite low in the cement sector which is why trading is being seen in it”.
Jafri said the market could be headed in a new direction if it manages to close at more than 44,000 points. He further acknowledged support of financial institutions in bringing about an improvement in the market.
