Stocks soar 545 points amid attractive valuations
KARACHI: The stocks staged a grand comeback on Monday with the KSE-100 index recording gains of 545 points to close at 38,851.95. It represented a recovery of 1.42 per cent which follows aggregate loss of 6.98pc in last six weeks.
The market opened on a positive note and then climbed by 200 points in early trade. However, it succumbed to selling pressure on low volumes and lack of investor interest. At mid-day, after the index had hit intraday low by 145 points, a turn of tide was noticed with activity gradually picking up pace to see the index touch intra-day high by 576 points.
The investor sentiments got a boost from the news flow where the current account deficit for first eight months of current fiscal year was reported to have declined by 22pc year-on-year to $8.8 billion, reflecting plunge by 59 per cent in February over the earlier month. Moreover, Finance Minister Asad Umar’s clarity, over the International Monetary Fund (IMF) mission’s visit to Pakistan in second half of April to finalise a possible bailout deal, also provided some clarity on the issue which infused confidence in the market.