Bulls returned to the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index gained nearly 500 points, hovering near the 50,000 level during trading on Thursday.
At 1:20pm, the benchmark index was nearing the 49,931.30 level, an increase of 499.83 points or 1.01%.
On Wednesday, the KSE-100 Index closed lower by nearly 100 points to settle at 49,431.48 points, as investors opted to book profits in a volatile session.
Across-the-board buying was witnessed among the index-heavy sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas explorations companies and OMCs trading in the green.
The improvement comes in tandem with strengthening of the Pakistani rupee against the US dollar, which was hovering at the 278 level in the inter-bank market.
Experts attributed the gain at the bourse to an appreciation of the local currency and satisfactory results announced by the companies in the first quarter of the current fiscal year.
Meanwhile, improved economic indicators also played a part as Pakistan’s trade deficit for the month of September clocked in at $1.518 billion compared to a deficit of $2.856 billion from the same month previous year, improving by nearly 47% YoY, according to the latest data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.
This is an intra-day update
Source: brecorder.com
