Share prices roar back at Pakistan Stock Exchange
The share prices rebounded heavily at Pakistan Stock Exchange on Friday afternoon and recovered about half of the losses it suffered a day earlier, reported 24NewsHD TV channel.
The PSX’s benchmark KSE-100 gained 3,656.23 points or 3.41 percent to 107.183.04 points a little before close of the business.
Investors appeared to regain some confidence after early trade passed without fresh incidents on the border between Pakistan and India.
Across-the-board buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.
Besides, index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, PSO, and SNGPL, also traded in the green as bulls returned to the PSX.
Experts have linked the latest bullish spree with meeting of the Executive Board of the International Monetary Fund (IMF).
The board is set to consider “Pakistan's first review under the Extended Fund Facility (EFF) program, request for modification of performance criteria and request for an arrangement under the Resilience and Sustainability Facility.”
The board will have its first review under the $7 billion Extended Fund Facility (EFF) programme and a new arrangement of $1.3 billion under the Resilience and Sustainability Facility (RSF) for Pakistan to fight daunting challenge of climate change.
It must be remembered that the PSX bled on Thursday, with the benchmark KSE-100 Index losing nearly 6,500 points while closing at 103,526.82, amid simmering tensions between Pakistan and India – which have been going on unabated for the last two weeks.
Reporter: Basim Iftikhar