PSX sees profit-taking on political noise after record-high bull run in intraday trade

Shares at the Pakistan Stock Exchange (PSX) saw profit-taking around mid-day on political noise after climbing more than 800 points in early morning trade on Wednesday in its historic bull run. The benchmark KSE-100 index climbed 847.17 points, or 0.88 per cent, to stand at 96,703.83 from the previous close of 95,856.66 points at 10:57am. However, the index closed in the red, decreasing by 310.21 points to stand at 95,546.45 points from the last close. Yousuf M. Farooq, director research at Chase Securities, stated regarding the initial bull run, “There is significant interest in retail-driven stocks today, particularly in K-Electric Limited (KEL) and Kohinoor Spinning Mills (KOSM). “KEL is buoyed by rumours of an imminent multi-year tariff approval, a development that could enable a potential transaction and further boost investor confidence,” he explained.