Bulls snap losing streak as PSX gains 1,000 points during intraday trade

The Pakistan Stock Exchange’s (PSX) benchmark index snapped a two-day losing streak on Wednesday, gaining more than 1,000 points during early trade.

The KSE-100 index initially rose 3,133 points at 10:06am from the previous close of 173,518.81 points. By 10:14am, it came down a little but was still up 2,664.88 points.

However, it then reversed its initial gains, with the index up 1,091.77 points at 12:54pm.

Mettis Global, a web-based financial portal, said the KSE-100 index was rebounding from the previous session’s steep losses as investors engaged in value buying after heavy selloffs.

Awais Ashraf, director of research at AKD Securities, said that investor sentiment had “turned positive” after United States President Donald Trump replaced the proposed 20 per cent toll on Strait of Hormuz traffic with investment commitments from GCC countries.

“Additionally, lower-than-expected US inflation has eased concerns over........

© Dawn Business