PSX Recovers with 2,000 Points in Green

After touching 52 weeks low during the intra-day, the stock market saw a movement of almost 2,063 points in a single day.

The market entered the green zone for some time hitting a intraday high of 99 points but couldn’t sustain it.

At the the end of the day, KSE-100 index was declined by 0.9% or-286 points and was closed at 30,130, above the psychological level of 30,000 points.

Source: Capital Stake

Samiullah Tariq, Head of Research at Arif Habib Ltd said that the market had over reacted to the coronavirus. He said the impact on the market is temporary.

He further added that during last four consecutive sessions, KSE-100 declined by 5,931 (-16.4%) points which is the highest four-day decline in the history. However, it the highest four-day decline in percentage term since 12-Oct-1998 (-19.1%).

A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities said,

”We saw some bottom fishing today as oil prices bounced back and banks started trading at valuations last seen in 2008. The sellers outweighed the buyers nonetheless. The SECP’s action to limit short-selling on uptick only mildly changed the moods. The lockdown has just begin in the country and we have long-weekend ahead. Fresh buying could be avoided in wake of negative news over the weekend. The silver lining has been that the rate of new infections have declined in China. Pain is everywhere, nonetheless.”

On Thursday, Another halt was seen in the market today as the KSE-30 Index dropped below 5% for five minutes triggering a halt for 45 minutes. Trading was halted for the sixth time since last week.

Following the resumption of trading the market saw a huge rally with the index regaining almost more than 1900 points during the intraday.

In all, 308.34 million shares were traded at the exchange today. Of the 349 scrips traded, 100 advanced, 232 declined and 17 remained unchanged.

It is pertinent to mention that the equity markets around the world, not just in Pakistan, have been crashing over the past two weeks, as the coronavirus pandemic has halted economic activity across the globe, which is heightening the fears of a global depression.

Source: Capital Stake

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