ISLAMABAD (TDI): Bullish trend gripped the market and kept it for last few sessions, with some technical adjustment though, keeping higher achievements as stocks at the Pakistan Stock Exchange(PSX) swelled more than 800 points in intraday trade on Tuesday.
Benchmark KSE-100 index climbed to 812.70 points, or 0.86%, to stand at 95,808.37 points from the previous close of 94,995.67 points at 11:08am Tuesday mid-day.
Media reports indicating there likely no min-budget and a positive signal from the IMF have created such a boost to the market sentiment, forcing the continuation of the positive rally, says an analyst.
However, the traders give caution that some traders have remained, “cautious due to the uncertain political situation, which could hit this momentum negatively”.
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“Investor funds and several individual investors are actively looking at the hike in stocks, and further flows are estimated to persist as mark up rate is hoped to reduce further in December,” the traders opined, adding that the “Actual key risk at this point emanate form the political situation”.
According to the State Bank of Pakistan’s data, sent out on Monday, the country saw a third straight monthly current account surplus of $349m in October as compared to $86m in the last September, showing persistency in the authorities’ policy to manage imports.
