KARACHI: After the biggest slump of over 3,500 points on Tuesday, bulls made a strong return as the Pakistan Stock Exchange (PSX) rebounded, with the KSE-100 climbing by 3,741 points on Wednesday.
According to the PSX website, the market opened on a bullish trend and the benchmark index climbed over 3,700 points as of 09:30 am.
At 10:30, the KSE-100 index stood at 97,850.93 level, up 3.46% or 3276.77 points from the closing figure of 94,574.16 points on the previous day.
This rally is mainly fuelled by: decisive midnight action by the law enforcement agencies against PTI protesters clearing important locations of protest like Blue Area and D-Chowk, and withdrawal of Minimum Profit Rate (MPR) for conventional banks on the deposits.
Market analysts braced this hike to the combination of the positive sentiments of the investors, the favorable macroeconomic indicators, and the positive projections on economic stability concerning the country.
“This rally depicts that the market rebounds sharply driven in all probability by expectations of future favorable policies and stability in financial markets,” Rizwan Alam, the market expert, said.
