Stock Market Back On Track
Stock Market Back On Track: The stock market bounced back from its dismal performance as renewed buying interest lent support to the index, which surged nearly 800 points in intra-day trading.
The KSE-100 index shot up from the moment trading began, gaining over 2% to power past the 37,400 mark. Investors took to buying at attractive valuations as the share prices were at a 28-month low.
Addressing the positive development, Arif Habib Limited Head of Sales Saad bin Ahmed told The Express Tribune, “Foreigners are not major sellers today. Rather, they are making some buying.”
At 13:06, the KSE-100 index, a benchmark for market performance, was up 791.59 points or 2.16% to stand around 37,454.97 points.
Foreigners have remained major sellers for over three years now. In the last four successive downward sessions, the index cumulatively dropped 5.6% and closed at a 28-month low of 36,633.83 points on Tuesday.
“It seems to be temporary and unsustainable buying,” Ahmed said. “Investors are buying at lower prices and selling them at even low margins.”
“The across the board buying is (partially) backed by the government consideration to cut tax rates on stocks trading,” Elixir Securities’ equity sales person Muhammad Arbash remarked.
He said the imposition of regulatory duty on import of over 500 items, the government resolve to provide gas on priority basis to five zero rated export sectors at concessionary price and Pakistan-International Monetary Fund (IMF) talks for a bailout of around $15 billion all are positive developments in the right direction to fix the faltering economy.
Out of total 297 active stocks, 241 were trading with gains, 46 with losses and 10 remained unchanged. Technology, chemical, fertilizer and cement stocks remained top volume leaders at the market.
The Pakistan stock market bounced back from its dismal performance today.
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