PSX turns bullish with 591-point rally

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The Pakistan Stock Exchange (PSX) turned bullish on Thursday, with the benchmark KSE-100 Index gaining 591.27 points (+1.33 percent) to close at 44,928.83 points.

The PSX opened on a positive note and remained in the green territory throughout the session, closing at the day’s high. The positive rumours surrounding the political situation in the country boosted the investors’ confidence.

The market also took positive cues from international markets as easing oil prices also tend to provide relief to investors, according to a note by Aba Ali Habib Securities. The global rally in stocks kept the local bourse in green.

Asia shares joined a global rally as hopes rose for a negotiated end to the Ukraine conflict, while bond markets remained on the defensive as the benchmark 10-year US bond yields continued to lose momentum and lowered for the third consecutive session to 2.30 percent from last week’s peaks around 2.55 percent.

On the other hand, the Pakistani rupee plunged to a new low of 183.48 against the US dollar, while the crude oil prices slipped around six percent during the day…TLTP

 

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