Stocks rebound as earnings lift investor sentiment
KARACHI: The KSE-100 index snapped the five-day losing streak on Wednesday and after an initial hesitation managed to finish the day’s trading with a gain of 322.31 points (up 0.81 per cent) at 40,279.38.
Strong corporate earnings by major banks and few other big ticket companies helped improve investors’ sentiments, who for the time being put the nagging problems of economy and politics on the back burner.
The market opened weak and fell to intra-day low by 268 points before the hesitant institutions started to lap up heavily undervalued scrips. That sent the Index soaring to intra-day high by 373 points.
Financial results of banks: United Bank Ltd (UBL), MCB Bank Ltd and Habib Bank Ltd (HBL) encouraged buying mainly in those scrips and generally across the board.