Shares at PSX climb 900 points intraday trade
Bulls dominated the trade floor on Friday as shares at the Pakistan Stock Exchange (PSX) increased by 900 points in intraday trade.
The benchmark KSE-100 increased by 902.46 points, or 0.79 per cent, to stand at 114,744.58 from the previous close of 113,836.74 at 2:58pm.
Yesterday, shares had extended losses overnight, despite a series of interest rate cuts, due to the sharp contraction in the large-scale manufacturing (LSM) sector jolting investor confidence in the economic outlook, which pushed the benchmark KSE 100 index to drop below 114,000.
An analyst had noted that the bearish momentum previously witnessed was after news broke regarding initiating dialogue between the establishment and senior opposition leadership. This development sparked uncertainty among investors, raising concerns about potential challenges to the ruling coalition government and their policies.
Opting for the cautious mood, the investors had remained watchful ahead of a critical judgment in the £190m Al-Qadir Trust case.
More to follow