After hitting a year's low, Pakistan Stock Exchange makes a strong come back
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ISLAMABAD - After hitting a year's low, Pakistan Stock Exchange makes a strong come back.
After touching 52 weeks low during the intra-day, the stock market saw a movement of almost 2,063 points in a single day.
The market entered the green zone for some time hitting a intraday high of 99 points but couldn’t sustain it.
At the the end of the day, KSE-100 index was declined by 0.9% or-286 points and 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 market had over reacted to the coronavirus. He said the impact on the market is temporary.
He further added that during last four consecutive sessions, KSE-100 declined by 5,931 (-16.4%) points which is the highest four-day decline in the history. However, it the highest four-day decline in percentage term since 12-Oct-1998 (-19.1%).
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 banks started trading at valuations last seen in 2008. The sellers outweighed the buyers nonetheless. The SECP’s action to limit short-selling on uptick only mildly changed the moods. The lockdown has just begin in the country and we have long-weekend ahead. Fresh buying could be avoided in wake of negative news over the weekend. The silver lining has been that the rate of new infections have declined in China. Pain is everywhere, nonetheless.”
On Thursday, Another halt was seen in the market today as the KSE-30 Index dropped below 5% for five minutes triggering a halt for 45 minutes. Trading was halted for the sixth time since last week.
