Stocks stage sharp recovery after early losses
KARACHI: The stock market took dramatic twists and turns on Wednesday guided by the hopes and apprehensions of escalation and de-escalation of hostilities with India. The KSE-100 index saw a loss of 128.98 points (0.33 per cent) to settle at 38,692.69.
It started with brokers receiving flurry of sell orders as TV screens flashed with news of shooting down two Indian jets that violated Pakistan’s airspace. Fearing a full-scale war, investors dumped stocks which saw the KSE-100 index tank by intraday low of 1,491 points.
But after DG ISPR Asif Ghafoor reasserted the country’s stance for peace, investors swooped in aggressive buying which saw the index stage a spectacular rebound.
Analysts at Topline Securities affirmed that it was the most prominent intraday recovery since July 28, 2017 - the day Supreme Court disqualified former Prime Minister Nawaz Sharif from office.