Stocks manage modest gains as foreign selling eases
The Pakistan Stock Exchange (PSX) on Wednesday managed modest gains, a day after losing 900 points as foreign selling eased. On Tuesday, the stock market had posted another major decline of 1.5 per cent due to investor concerns over political noise and security unrest in the country. It was the fourth consecutive drop on the market, with the KSE-100 index having lost nearly 3,000 points since last Wednesday. Today, the KSE-100 index gained 426.48, or 0.69 per cent, to stand at 62,268.22 from the previous close of 61,841.74. The index closed at 61,979.18, up by 137.44, from the previous close of 61,841.74. Mohammed Sohail, chief executive of Topline Securities, cited “ease in foreign selling” as the primary reason for market rebound. Tahir Abbas, head of research at Arif Habib Limited, said that market remained bullish as the foreign-selling witnessed in the last three to four days eased.