PSX in recovery mode, gains over 1,100 points

The Pakistan Stock Exchange (PSX) continued its recovery for a second consecutive day on Thursday as the benchmark index rose by more than 1,100 points. According to the PSX website, the KSE-100 index gained 957.32 points to reach 61,820.94 points at 10:30am, up 1.5 per cent from the previous close of 60,863.62 points. It eventually closed at 62,052.23 after surging 1188.61 points or 1.92pc. The bulls regained their dominance two days after an all-out rout when the benchmark of representative shares recorded its biggest day-on-day decline. Yesterday, the stocks had regained some of the lost ground amid value-hunting by investors. Speaking to Dawn.com today, Yousuf M. Farooq, director of research at Chase Securities, observed that the market bounced back sharply during the last two sessions after a correction.