Bulls returned to the Pakistan Stock Exchange (PSX) on Monday when the shares uploaded more than 900 points in intra -trade trade.
The reference KSE-100 index rose 949.56, or 0.83 percent, to stand at 115,802.89 from the previous closure of 114,853.33 at 12:47 pm.
Yousuf M. Farooq, research director of Chase Securities, said: “The market took a break today, driven by the weekend announcement of tariff exemptions for China, which helped lift the global feeling.”
At the local level, he stressed that the reception of more than $ 4 billion in remittances for March promoted the feeling of the market.
“In addition, inflation expectations have decreased during the past month, which leads to an increasing number of participants to anticipate cuts of interest rates in the short term,” he said.
“A reduction in interest rates could boost an upward rowing in shares.”
Mohammed Sohail, executive director of Topline Securities, also attributed the bullish impulse to the best expected remittances.
“In addition, with regional markets today, local investors have also begun to take new positions,” he added.
More to follow
