ISLAMABAD – After hitting a year’s low, Pakistan Stock Exchange makes astrong come back.
After touching 52 weeks low during the intra-day, the stock market saw amovement of almost 2,063 points in a single day.
The market entered the green zone for some time hitting a intraday high of99 points but couldn’t sustain it.
At the the end of the day, KSE-100 index was declined by 0.9% or-286 pointsand was closed at 30,130, above the psychological level of 30,000 points.Source: Capital Stake
Samiullah Tariq, Head of Research at Arif Habib Ltd said that the markethad over reacted to the coronavirus. He said the impact on the market istemporary.
He further added that during last four consecutive sessions, KSE-100declined by 5,931 (-16.4%) points which is the highest four-day decline inthe history. However, it the highest four-day decline in percentage termsince 12-Oct-1998 (-19.1%).
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A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities said,
”We saw some bottom fishing today as oil prices bounced back and banksstarted trading at valuations last seen in 2008. The sellers outweighed thebuyers nonetheless. The SECP’s action to limit short-selling on uptick onlymildly changed the moods. The lockdown has just begin in the country and wehave long-weekend ahead. Fresh buying could be avoided in wake of negativenews over the weekend. The silver lining has been that the rate of newinfections have declined in China. Pain is everywhere, nonetheless.”
On Thursday, Another halt was seen in the market today as the KSE-30 Indexdropped below 5% for five minutes triggering a halt for 45 minutes. Tradingwas halted for the sixth time since last week.
