Stocks add 359 points to overnight rally
Equities underwent yet another bullish session on Wednesday with the benchmark index crossing the 45,500-point psychological barrier. Topline Securities said the much-awaited vote at the board meeting of the International Monetary Fund (IMF) on Pakistan’s $3 billion bailout package helped improve sentiments. Investors opted for strengthening their equity positions by putting more money ahead of the crucial announcement, it said. Another positive trigger was the reports about the actual and expected arrival of dollar deposits from two Gulf nations, which will help boost the country’s foreign exchange reserves. Even though the overall momentum remains strong on the exchange, it’s starting to wane selectively with the market finding its equilibrium, according to Arif Habib Ltd. It advised investors to “know what you want to buy” ahead of time in order to avoid hesitation when the index drops.