Stocks rise 270 points to break four-day jinx
KARACHI: After posting losses for four sessions in a row, the KSE-100 index managed to recover some of the lost ground on Tuesday as it gained 269.75 points (0.67 per cent) to close at 40,596.28.
The index opened flat but turned volatile in much of day’s trading, taking traders on a roller-coaster ride. Intraday, the market touched a high of 311 points and a low of 58 points.
Investor sentiments were skewed towards relief on signs of improving macros as the State Bank Pakistan unveiled 7-month trade data showed signs of improvement. Exports increased by 2.2pc, imports declined 5.2pc and overall trade deficits narrowed by 9.7pc year-on-year.
Participants also pinned hopes on heavy investment inflow expected to be announced during the upcoming visit of Saudi crown prince. Other favourable factors were counted as ongoing buying by foreign investors which amounted to $43.16 million since Jan 21 and the uptick in coal prices. Under the circumstances, market put the uncertainty over the International Monetary Fund package aside.