KSE-100 Index edge up by 581.16 points amid positive sentiments

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KARACHI:    The Pakistan Stock Exchange (PSX) on Thursday witnessed fresh hefty gains with the benchmark KSE-100 Share Index ascending by 581.16 points or 1.44 percent and rising to 40,909.48 points.
After yesterday’s Christmas holiday, the market opened with 40,370.08 points amid positive sentiments among traders.
On Tuesday, the Index plunged to intraday low by 504 points, before recovering to 40,354.33 points, and then closed at 40,328.32 points with a positive change of 320.03 points as compared to Monday’s 40,008.29.
Earlier, analysts were of the view that one of the important factors which added more turbulence towards the red index was Indian and Pakistani troops exchanging fire in some areas along the restive Line of Control (LoC) in the disputed Himalayan region of Kashmir.
“Negative sentiments were witnessed across the board,” a report of Topline Securities had stated for Monday’s sharp decline of 824 points in the stock market to close at 40,008, down 2 percent, adding the benchmark index had barely managed to maintain the 40,000-points level as the rollover week had started.
Analysts had stated that the bearish trend continued with full force on the back of multiple factors, including profit taking by both local and foreign investors.
Analysts were of the view that due to the apparent setting up of a conflict between the government and the judiciary, investors preferred to sell off shares.
They observed slim chances of recovery in the market in the coming days and of the index crossing the 42,000-point barrier before the end of the year, as was earlier expected.