Stock market recovers; posts massive gains

KARACHI: The Pakistan Stock Exchange (PSX) pushed against the decline from political instability induced profit-taking, and accumulated 1682.89 points in intraday trading on Thursday. The index also crossed the 97,000 points psychological limit.

By 2 PM, the benchmark KSE-100 index was hovering around 97,229.34 points, after opening at 95,546.45 points. yesterday (Wednesday), the stock market closed with 300 points loss after political heat gained momentum.

Upheaval in political corners weighs down on PSX

However, market analysts opined that despite the volatility, key sectors like technology, energy and banking showed strength and resistance to the downward pressures. The same trend was witnessed in trading today when the market improved as a whole, with the improvement coming from most sectors.

The stock market has been showing signs of growth for several sessions, achieving multiple historic highs. The announcement of the protest rally by the opposition party and the ensuing reaction from the government kicked in the selling spree yesterday, but the KSE-100 seems to have recovered from the shock and is on a trajectory to grow once again.

Around 2 PM, the index looked like this: