PSX 100-index crosses 46000 level
The index during the session showed an increase of as much as 900 points.
KARACHI (Dunya News) - Attractive stock values at the local bourse boosted the sentiment and index for second consecutive session registered a sharp appreciation, crossing the 46000 level.
The PSX-100 index during the session made a low of 45152 points, which triggered fresh buying from financial institutions and some high net worth individuals, increasing the index to reach a high of 46358 points.
The index during the session showed an increase of as much as 900 points. Though the political situation remained erratic, disturbing the mood but as the index has fallen in excess of 8000 points in last 40 days, giving room for fresh buying in companies.
Several companies belonging to cement, banks, power, oil and textile companies have fallen by more 30 percent which have enticed the investors to build fresh positions in choice scrips.
The depreciation of Pak rupee if sustained at the current level would bring fresh investment from the offshore investors too. The foreign fund houses were waiting for the rupee to dip so that they finalize deals in the blue chips and trading stocks.
The outcome from JIT expected on July 10 following the analysis the investors would decided further to long position.
(Story by Haris Zamir)
