Stocks rise 484 points on cherry-picking
KARACHI: After posting losses overnight, the stock market on Wednesday resumed its upward drive due to political clarity and strong corporate results as investors opted to do some cherry-picking at attractive levels. Topline Securities Ltd said the equities remained bullish almost throughout the session thanks to further clarity with regards to formation of new government in the centre. The market witnessed an across the board buying momentum after Moody’s Investors Service maintained Pakistan’s ratings unchanged at ‘Caa3’ with a stable outlook but highlighted that significantly high risks of liquidity and external vulnerability challenges following highly controversial elections, severely constrained decision-making capacity of the coalition government-in-waiting.