The Pakistan Stock Exchange continued its recovery for a second consecutive day on Thursday as the benchmark index rose by more than 1,100 points.
According to the PSX website, the KSE-100 index gained 957.32 points to reach 61,820.94 points at 10:30am, up 1.5 per cent from the previous close of 60,863.62 points. It eventually closed at 62,052.23 after surging 1188.61 points or 1.92pc.
The bulls regained their dominance two days after an all-out rout when the benchmark of representative shares recorded its biggest day-on-day decline. Yesterday, the stocks had regained some of the lost ground amid value-hunting by investors.
Yousuf M. Farooq, director of research at Chase Securities, observed that the market bounced back sharply during the last two sessions after a correction.
He noted that market participants were expecting interest rates to decline in 2024, coupled with a broad-based rerating of the market.
“More than 125 stocks are trading 70pc below the May 2017 market cap in dollar terms. There is a significant valuation gap between Pakistan and other markets and that should keep foreign investors active,” Farooq added.
