Stocks add 292 points in volatile day
KARACHI: The market took investors on a roller-coaster ride again on Thursday as the index opened positive and extended the earlier day’s recovery, rising to intraday high by 439 points.
But that brought back the bears who trampled over the rising stocks and wiped off all the gains before value hunters entered and lifted the index by 350 points. Overall, it recorded gains of 291.78 points (0.80 per cent) to close at 36,796.03.
Investor sentiments improved on the back of expected arrival of International Monetary Fund (IMF) mission from Apr 27-30, and possibly bringing to an end the long nightmare of the bailout and uncertainty over conditionalities attached to it.
Moreover, the prime minister’s visit to China and the possibility of a meeting with IMF chief there raised hopes of settlement of some disconcerting issues. Market confidence also received a boost from the amnesty scheme which most thought could be quickly launched after its presentation to the cabinet next week.