Bulls make strong comeback at Pakistan Stock Exchange

After several days of intense selling pressure, the bulls made a roaring comeback at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index gaining nearly 4,300 points, reported 24NewsHD TV channel.

The index opened near the lower end and faced initial selling pressure, dipping to an intra-day low of 162,953.63. However, the market quickly recovered, entering a sustained upward trajectory throughout the late morning and early afternoon, hitting an intra-day high of 169,374.27, reflecting strong buying interest and bullish momentum.

At close, the KSE-100 Index settled at 168,893.08, an increase of 4,266.79 points or 2.59%.

Federal Finance Minister Muhammad Aurangzeb has said that Pakistan will hold talks with the International Monetary Fund (IMF) for the third economic review under the Extended Fund Facility (EFF) programme, while dismissing concerns about the rollover of deposits from the United Arab Emirates (UAE).

“The IMF review will cover all performance criteria under the programme. We are in a good position, particularly about tax collection,” the finance minister said, while speaking to the media on Monday, expressing confidence over the government’s fiscal management.

On Wednesday, the PSX had witnessed a broad-based decline as persistent selling pressure and futures rollover activity kept investors cautious, dragging key benchmark indices lower amid reduced ready-market activity and volatile intraday movements. The index settled at 164,626.29 points, losing 1,632.25 points or 0.98%.

Unity Foods Ltd was the volume leader with 71.44 million shares, followed by B.O.Punjab with 38.66 million shares, and K-Electric Ltd with 35.07 million shares.

Shares of 488 companies were traded on Thursday, of which 291 registered an increase, 145 recorded a fall, and 52 remained unchanged.

 
Reporter Ashraf Khan