Pakistan Stock Exchange recovers as KSE-100 index surges

KARACHI: The Pakistan Stock Exchange Limited (PSX) benchmark KSE-100 climbed 3275.22 points, or 3.46 per cent, to stand at 98,266.18 points from the previous close of 94,574.16 at 12:46 pm.

The Chief Executive of Topline securities Mohammed Sohail, stated that the stocks at the stock exchange started recovering after the Pakistan Tehreek-e-Insaf protest ended in federal capital.

While talking to media CEO Topline added that “Within 10 minutes of trading, the index surged, recovering the approximate Rs 450-500 billion market loss incurred on Tuesday

Additionally, the Director Research at Chase Securities, Yousaf M. Farooq said that ‘’ The market is recovering from the sharp and steep correction as the government has successfully dispersed the protestors in Islamabad.

The focus had “shifted back to declining interest rates and earnings growth,” he continued.

In addition to emphasizing that retail investors “should look beyond short-term fluctuations and focus on long-term investment strategies, understanding that they are purchasing shares in well-established Pakistani companies with a track record of gradually growing earnings and payouts,” he said that Meezan Bank opened under some pressure after the State Bank of Pakistan implemented a Minimum Deposit Rate for Islamic banks.

According to CEO Topline, it will take a few more days for the market to fully stabilize as investors were facing continuous loss after the Tuesday markets downfall.