Shares at PSX reverse trend after two days of losses, gain 161 points

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Shares at the Pakistan Stock Exchange recovered their losses from the previous two sessions on Tuesday as the benchmark index gained 161 points.

According to the PSX website, the KSE-100 index was down 1121.24 points, or 1.84 per cent, to stand at 59,944.07 points shortly after trading began. However, after noon, the shares reversed the trend and shed their losses.

The benchmark index finally closed at 61,226.92 points, up 161.61 or 0.26 pc from the previous close of 61,065.31 points.

Yesterday, the PSX experienced a meltdown as post-election political instability triggered widespread panic selling, sending the KSE 100 stock index down 61,000 points to an intraday low of 60,647.68.
The index ended at 61,065.32 points after a 1,878.43 point or 2.98 percent decline from the previous session. Amir Shehzad, Director, First National Equities Limited, said the market has recovered “technically” today due to buying by financial institutions.

He hoped that the new government would stop the downward trend and allow new investors to enter the market.Shehzad added that the share prices of companies have fallen, which could lead to more buying in the near term.Earlier, Topline Securities CEO Mohammed Sohail said Oil and Gas Development Company Ltd (OGDC) and Pakistan Petroleum Ltd (PPL) led the initial negative impact, although the International Monetary Fund (IMF) disagreed.
With the government’s circular debt reduction plan.”Because of that, the market expected a big dividend,” he said.Ahsan Mehanti, an analyst at Arif Habib Ltd, said stocks fell sharply amid “political noise and IMF rejection of the government’s proposals to resolve the renewed debt crisis.
“Khurram Schehzad, managing director of financial consultancy Alpha Beta Core, noted that the PSX continued to fall “mainly due to the uncertainty surrounding the formation of a new government”.”Historically, the PSX has been happy after an election, the market has gone up 2-3 percent in the first two days after the election (2008, 2013, 2018 election),” he said.

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