PSX posts major intraday recovery, defying political frets
After some early hiccups, stocks on Thursday clawed back most of the losses incurred yesterday to resume a fundamentals-driven rally, defying major political jitters following Pakistan Tehreek-e-Insaf’s (PTI) “do-or-die” protest call for November 24.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index surged by 1,025.54 points, or 1.07%, to reach 96,572.99 during intraday trading.
Commenting on the market’s recovery, Muhammad Saad Ali, Director Research at Intermarket Securities Ltd, stated, “Yesterday was a healthy correction. The market has resumed its momentum, and the range of stocks which are rallying is broadening to include more small and mid-caps.”
The rebound follows a volatile midweek session that ended with a 310-point decline amid profit-taking and political uncertainty.
On Wednesday, the PSX witnessed wild swings, with the KSE-100 Index surging to a new intra-day high of 96,711.33 points during morning trade before closing 310.21 points lower at 96,381.21.
Profit-taking set in by midday, driven by political concerns and above-average foreign corporate selling amid renewed political noise and rising security concerns. Market analysts attributed the volatility to profit-taking and political developments.
This is a developing story and is being updated with more details.
