Profit-Taking Slows Strong Buying at Pakistan Stock Exchange
KSE-100 Index jumps by over 5,400 points early on Thursday before profit-taking trims the gains
Pakistan – (Staff Reporter/Web Desk) – Pakistan Stock Exchange started Thursday on a strong note. Investors kept buying shares for another day, and the mood in the market stayed upbeat.
The main reason was the US midterm elections. The Republican Party of President Donald Trump lost ground in the vote. Many investors now hope this will lower the risk of more escalation in the war against Iran.
Buying was very strong from the opening minutes. At one point, the KSE-100 Index shot up by more than 5,400 points.
Then some investors began to sell and book their profits. This wiped out a couple of thousand points from the early gains.
At 10:25 am, the index was trading at 174,650.86 points. That was a rise of 2,637.38 points, or 1.51 percent.
The market showed wide support. Out of 567 companies traded so far, 360 saw their share prices go up. Only 90 fell, while 117 stayed unchanged.
Many key sectors attracted buyers. These include car makers, cement, commercial banks, oil and gas exploration companies and oil marketing companies.
Several heavy-weight stocks also traded in the green. Among them were MARI, OGDC, PSO, SSGC, HUBCO, HB, MCB, MEBL and NBP.
The rally follows a strong session on Wednesday. Oil prices fell sharply in the world market, and political worries eased after the US elections.
That brought broad buying across the board. The index rose by 3,994.62 points, or 2.38 percent, and closed at 172,013.48 points.
For now, traders are watching global news and oil prices closely. Any change in the war situation could quickly move the market again.
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