On Thursday, the benchmark KSE-100 index rose 769.37 points or 1.78 per cent to 43,991.15 as of 12:48 pm during intra-day trading in shares of the Pakistan Stock Exchange on Thursday.
Today’s bullish comes a day after the market jumped off Economic and political uncertainties weighed on investor sentiment, with a fall of 661 points on Wednesday.
talking to don.com On today’s rise, Alpha Beta Core chief executive Khurram Shahzad said the stock market had seen support at the 43,000 level, adding that a sharp correction was seen after several weeks of declines.
“Good buying in cement sector has turned the market green. Hopefully, notification for DG ISI case will be issued which will ease the atmosphere [political] Collision and the market will start going up again.”
Raza Jafri, head of equities at Intermarket Securities, also blamed the cement sector for the change in the market direction. He said, “The share prices in the cement sector are very low, so trading is being seen in it.
Jafri said that the market may take a new direction if the market closes above the 44,000 mark. He also credited the support of financial institutions for the correction in the market.
Markets fell on the first day of the week as investors reacted to news of a global tax deal calling for an end to safe tax shelters. It also saw bloodshed on Tuesday as investors remained cautious about the delay in notifying the new head of Inter-Services Intelligence (ISI).
Last week, the Inter-Services Public Relations (ISPR) announced Lt Gen Nadeem Ahmed Anjum has been appointed as the new chief of ISI. Lt Gen Faiz Hameed, formerly Director General of ISI, was posted as Peshawar Corps Commander.
However, a notification confirming the appointment of Lt Gen Anjum as the new DG ISI has not been issued by the Prime Minister’s Office, even though days have passed since the ISPR’s announcements.
Investors are also concerned about the inflationary impact of higher international oil prices, as well as ongoing negotiations with the International Monetary Fund (IMF).
On Wednesday, the PSX benchmark index closed 661.3 points or 1.51 per cent lower at 43,221.78.