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PSX closes in green after partial recovery

SAMAA | - Posted: Mar 27, 2020 | Last Updated: 2 months ago
Posted: Mar 27, 2020 | Last Updated: 2 months ago
PSX closes in green after partial recovery

The Pakistan Stock Exchange closed in green on Friday with all market indices gaining value. The benchmark KSE100 index gained over 3% and closed at 28,109 points for the weekend.

Market experts have a consensus that the federal monetary economic stimulus package has helped traders gain confidence. The removal of capital value tax coupled with relaxation in loan limits and terms have encouraged mutual funds to invest in attractive prices.

Sharoon Ahmed of Elixir Securities attributed the partial recovery to a slowdown in the reported corona cases. However, he said that the rally “is not indicated in the days to come”. He said that it was entirely value-buying what was observed today. “The market is still volatile and everything is related to corona.”

Markets of the world have seen rallying trends, says market expert Adnan Sami, adding that the US Dow and Jones has come up some 20% in recent days. “It is only logical for our market to rally in the days to come.”

Topline Securities noted in its report that value-buying was observed in the last trading session of the week. It said, however, that the volume was limited as skeptic buyers maintained their distance.

The trading volume for the day stood at 168 million shares translating to Rs4.2 billion.

The weekly market however declined by 8.3% with the previous week. It was, say analysts, due to buyers offloading their equity amid lockdown fears due to the coronavirus.

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