Stocks storm past 30,000-level
KARACHI: Bulls rampaged through the stock market for the second day in succession with the KSE-100 index raking up gains of 856.80 points (2.90 per cent — the highest in last 55 sessions) as the index roared past the 30,000 level and settled at 30,419.22.
In the first two days of the week, the index has recovered a staggering 1,655 points or 5.75pc. The remarkable comeback by the market has left investors in a daze; many of them still unsure if it is a long lasting trend.
Many market participants believed that the investors’ interest in equities was fuelled by the thaw in tensions with India over Kashmir after the US President intervened to ease the situation by putting a call through to the PMs of Pakistan and India.
On the market side, the stocks were heavily oversold trading at forward price-to-earnings ratio of 5 times which was 11-year low. Investors were also encouraged by news of SECP team’s visit to the PSX and holding discussions with stakeholders.