KARACHI – Pakistan Stock Exchange (PSX) on Wednesday made significant recovery, breaking three-day-long losing streak that started due to political uncertainty after elections in the country.
The benchmark KSE-100 index gained 926.62 points or 1.51 percent to close at 62,153.84 points. The index saw the highest level of 62,532.25 points during intraday trading.
The development comes as the political forces have paced up the efforts to form the coalition government in Centre.
Reports suggest that the surge in index comes amid anticipation of revised gas prices by the Economic Coordination Committee (ECC) later today.
Moreover, the International Monetary Fund (IMF) has also urged the government to raise gas tariffs by February 15.
The rally is now shaping up to test 63,000-64,000 which is a supply zone..
On Tuesday, KSE-100 index moved down below 60,000 level in early hours after the opening bell amid the ongoing political uncertainty.
Experts linked quick recovery with formation of a new government. They noted that the recent rebound of the KSE-100 index after political uncertainty demonstrates the flexibility of market participants.
The positive sentiment in money market holds key importance as investors are closely monitoring these developments and are prepared to adjust their strategies to avail opportunities and manage risks.
PSX falls over 1,400 points, hovering below 60,000 in post-elections uncertainty
