Karachi: Pakistan’s stock market turned positive as global and regional markets recorded an improvement on the hope of big stimulus package from newly inaugurated US President Joe Biden to offset the damage wreaked by COVID-19 pandemic and lockdowns.
KSE-100 index opened the day in positive and reached up to 45,841 points with a jump of 202 points in the first fifteen minutes of the trade. The leading stocks of oil, energy, banking and cement came back with fresh buying.
The room created correction in the previous session and adjustment in portfolio investments supported recovery of the market today, analysts and traders said. However, the fast increase always demands corrections that can either be during intra-day or in upcoming sessions, they added.
Regional stocks rose to a new record high following US markets as investors hoped for more economic stimulus from new US President Joe Biden to cover damage caused by the COVID-19 pandemic and lockdowns. The US Congress indicated that they will be supporting the new president on his administration’s top priority, a $1.9 trillion US fiscal stimulus plan.
