PSX reverses trend after yesterday’s hammering, gains over 1,600 points

A day after witnessing the biggest day-on-day decline in the benchmark of major shares, the Pakistan Stock Exchange’s (PSX) benchmark index returned to trading in the green on Wednesday. According to the PSX website, the KSE-100 index gained 1692.65, or 2.86 per cent, to stand at 60,863.62 from the previous close of 59,170.97, effectively halting the bearish momentum that had continued throughout the week previously. Mohammed Sohail, chief executive of Topline Securities, said, that after yesterday’s downward spiral powered by leveraged investors, some buying was witnessed on dips today. On Tuesday, the KSE-100 index had dropped 2,534 points or 4.1 per cent from the preceding session to 59,170.97 points, down 11pc from an all-time high of 66,427 points on Dec 12. Sohail said that investors were cautious as the majority did not want to take any “big exposure before year end closing”.