Shares at PSX climb 1200 points during intraday trading

After shedding over 1,900 points, the bulls rampant at the Pakistan Stock Exchange (PSX) rebounded as shares climbed to more than 1200 points during intraday trading.

The market went up to 1,230 points at 11:03 am, however, the volatility shrunk positively to 1,213 points at 12:22 pm. This brought the KSE-100 index to 111,636.69, showing an increase of 0.95% from Thursday, when after falling of 1,991 or 1.77 points the trading day closed on 110,423.32. 

The recent surge showed that the impact of the tensions along the western border and remarks from a former US official regarding the imprisonment of former Prime Minister Imran Khan has diminished.

This shift has led to a restoration of investor confidence that was eroded just a day before.

Earlier, Arif Habib Corporation’s Ahsan Mehanti attributed the sharp decline to political tensions on the western border of Pakistan, which connects the country with Afghanistan, but also the future of contracts rollover, weak rupee, and foreign outflow contributed to that bearish activity as well. 

In a significant shift, trading volume plummeted by 28.68% to reach 628.02 million shares, while the traded value experienced an even steeper decline of 38.33%, dropping to Rs39.58 billion day-on-day.