Bulls have a field day at PSX as benchmark index climbs 1,254 points

The Pakistan Stock Exchange (PSX) witnessed a continuation of bullish activity on Thursday with the benchmark KSE-100 Index gaining  1254 points— 4.25 percent in the first trading session and was trading at 30, 764 points. 

It is pertinent to mention here that bears extended their control on the Pakistan Stock Exchange (PSX) in March with the indices nosediving right from word go, triggering a 45-minute ‘market halt’ for the eight times in the previous month.

Bulls had emerged as winner in a volatile session at the PSX on Wednesday, with the indices recovering losses accumulated in early trade to close in the green.

Foreign investors closed the previous session (last of March) as net sellers, registering a net outflow of $44.06 million.

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“The CPI (inflation) release for March 2020 matched street consensus at 10.2pc, which gave confidence to the investors that the upcoming number would be even lower, and raised their hopes that yield on fixed instruments, particularly Treasury Bills and Pakistan Investment Bonds, will dip further,” said an analyst at Arif Habib Ltd. “Today’s trading session saw profit booking as well, which kept the overall market range-bound. Perhaps weakness in global equity and commodities market caused investors to rethink their decision.”

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