Bulls took control of the trade floor on Monday when the actions in the Pakistan Stock Exchange (PSX) increased more than 900 points in intradic trade after a week of volatility.
The KSE-100 reference index rose by 941,79 points, or 0.82 percent, to stop at 116,411.13 from the previous closure of 115,469.34 at 10:05 am
Awais Ashraf, the investigation of the director of AKD Securities, said: “The strongest corporate results of the expected heavyweight companies fed an increase in the index in the opening.”
“Meanwhile, the absence of greater escalation in tensions between Pakistan and India helped avoid the sale of panic in the KSE-100,” he added.
Yousuf M. Farooq, Director Research in Chase Securities, said that the country’s monthly checking account remained “in a comfortable position”, in addition to the corporations “publish strong profits.”
In other positive developments, FAROOQ added that inflation was in a low record, and the real effective exchange rate (reer) was 101.
“The market opened a little higher today, supported by the relief that there was no important escalation between India and Pakistan during the weekend [following the Pahalgam attack]”He added.
“With the majority of market participants waiting [price-to-earning] Multiple, ”he said.
“However, a significant ascending movement will probably require a decalcage between India and Pakistan.”
Mohammed Sohail, executive director of Topine Securities, also attributed the positive impulse to “settlement dust” between Pakistan and India after Pahalgam’s attack, without important incidents “that support the recovery of the market.
AKD Securities said the market had remained volatile last week due to the growing geopolitical tensions after the pahalgama attack, and the posterior suspension of India of the India Treaty of the Indo Waters with Pakistan after the incident, undermining the feeling of investors.
