Trading at the Pakistan Stock Exchange (PSX) was volatile on Thursday with the benchmark index initially rising over 400 points but then erasing most of the gains by the day’s end.
The benchmark KSE-100 index dipped immediately after trading began, falling to an intraday low of 40,668.95 points, down 89.25 points or 0.22 per cent around 9:30am. However, it started recovering sharply afterwards and reached an intraday high of 41,219.67 points, up 467.41 points, or 1.13pc, around 2:15pm.
Analysts attributed the rise to interest in energy and cement stocks.
The market also took a sigh of relief as Chaudhry Parvez Elahi won the vote of confidence in the Punjab Assembly as it eased political uncertainty.
However, the index started falling again later in the day and closed at 40,803.89 points, up only 45.69 points, or 0.11pc.
Arif Habib Corporation’s Ahsan Mehanti said gains were limited because of profit-taking in the energy sector and a market sell-off.