Stocks add 515 points to overnight rally
Bullish sentiments prevailed in the stock market for the second consecutive session as trade activities through the Torkham border resumed with Afghanistan after remaining suspended since Jan 13, propelling the KSE-100 index above the 64,000-point level on Tuesday. Topline Securities Ltd said equities experienced significant volatility as the benchmark KSE 100-share index hit an intraday low of 389.80 points to 63,549.61 and a high of 718.76 points to 64,658.17. Oil and Gas Development Company Ltd and Pakistan Petroleum Ltd faced a bearish start as investors responded unfavourably to the Ministry of Finance’s rejection of the circular debt reduction plan. This decision was grounded in the government’s commitment to the International Monetary Fund, which restricts additional unbudgeted spending in 2023-24. However, a shift occurred during the second half of the session, marked by buying activity as investors seized the opportunity presented by lower stock prices.