Shares climb over 300 points on positive investor sentiment
Business
The PSX retracted marginally and closed at 64,822.43, up by 368.21 points or 0.57pc
KARACHI (Dunya News) – Shares climbed over 300 points on positive investor sentiment as bull took charge at the Pakistan Stock Exchange (PSX) on Wednesday.
According to the PSX website, the benchmark KSE-100 index went up 512.78 points, up by 0.8 per cent, to settle at 64,967.0 from the previous close of 64,454.22.
The PSX retracted marginally and closed at 64,822.43, up by 368.21 points or 0.57pc from the previous close.
Experts said that the upward trajectory continued on expectations of measures to address economic and circular debt issues by the Special Investment Facilitation Council (SIFC).
They said the investor enthusiasm remained intact, particularly in oil and gas names.
High quality cement and technology stocks were also seeing renewed buying interest after correcting, they said.
They attributed the bullish trajectory to reports settlement of circular debt, saying this would in turn yield hefty dividends for Pakistani Petroleum Limited (PPL), Oil and Gas Development Company (OGDC) and Pakistan State Oil (PSO) if executed.
However, they added that the deal was contingent on the nod from the finance ministry and the International Monetary Fund (IMF).
