Shares at PSX gain more than 300 points
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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index gained over 300 points on Thursday.
The index reached 47,750.76 points at the session’s end, up 332.13 points or 0.7 per cent from yesterday’s close of 47,418.63 points.
Head of Equity Intermarket Securities Raza Jafri said: “Buying interest has come into the index heavyweight banking and oil sectors, with valuations having opened up again after the recent dip.”
“Pakistan is going through macroeconomic adjustment but this is balanced against attractive valuations.”
Siddique Dalal, CEO of Dalal Securities, linked the improved market sentiment to the auction of the treasury bills a day ago. “No increase in the interest rate was seen there and it is an indication that the interest rate might not increase further,” he said.
Moreover, there have been talks between the International Monetary Fund, he added.
“However, it is yet to be seen whether the market will sustain,” Dalal said.
