KSE-100 rises 652 points amid global recovery
Statesman Report
KARACHI: A day after plunging over 1,000 points, the benchmark KSE-100 index staged a modest rally and rose 652 points amid a recovery in global stock markets.
World markets enjoyed a second day of gains on Tuesday as signs of easing threat from the coronavirus in both Europe and the United States and some stimulus measures kept investors interested in the bourses.
Earlier, trading began with a sharp spike at the Pakistan Stock Exchange and the uptrend continued for the rest of the day. A few dips were witnessed which were rectified timely. The advance accelerated in the final hours.
At close, the benchmark KSE-100 index recorded an increase of 652.4 points, or 2.13%, to settle at 31,231.55.
JS Global analyst Danish Ladhani said the stock market opened on a positive note, touching intra-day high of +724 points and closed at 31,231, up 2.1%.
“Overall, the market remained bullish with low volumes and limited participation due to the corona outbreak as the lockdown continued across major cities of Pakistan amidst increasing cases,” he said.
On the economic front, the International Monetary Fund (IMF) postponed approval of second review of the $6-billion bailout programme that was scheduled for coming Friday due to delay in implementing agreed actions by Pakistan.
Exploration and production, and cement sectors kept investor interest alive. Oil and Gas Development Company (+5.4%), Pakistan Petroleum (+6%) and Pakistan Oilfields (+1.5%) remained bullish as international oil prices bounced back on reports that Russia had confirmed its participation in a meeting of leading oil producers on April 9.