{"id":40816,"date":"2023-12-28T06:30:30","date_gmt":"2023-12-28T06:30:30","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/psx-in-recovery-mode-gains-over-900-points-in-intraday-trade\/"},"modified":"2023-12-28T06:30:30","modified_gmt":"2023-12-28T06:30:30","slug":"psx-in-recovery-mode-gains-over-900-points-in-intraday-trade","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/psx-in-recovery-mode-gains-over-900-points-in-intraday-trade\/","title":{"rendered":"PSX in recovery mode, gains over 900 points in intraday trade"},"content":{"rendered":"<p><\/p>\n<p>The Pakistan Stock Exchange (PSX) continued to make recoveries on Thursday as the benchmark index rose by more than 900 points during intraday trading.<\/p>\n<p>According to the PSX website, the KSE-100 index gained 957.32 points to reach 61,820.94 points at 10:30am, up 1.5 per cent from the previous close of 60,863.62 points.<\/p>\n<p>The bulls regained their dominance two days after an <a href=\"https:\/\/www.dawn.com\/news\/1801045\/stocks-suffer-biggest-ever-plunge-of-2534-points\">all-out rout<\/a> when the benchmark of representative shares recorded its biggest day-on-day decline. Yesterday, the stocks had regained some of the lost ground amid value-hunting by investors.<\/p>\n<p>Speaking to <em>Dawn.com<\/em> today, Yousuf M. Farooq, director of research at Chase Securities, observed that the market bounced back sharply during the last two sessions after a correction.<\/p>\n<p>He noted that market participants were expecting interest rates to decline in 2024, coupled with a broad-based rerating of the market.<\/p>\n<p>\u201cMore than 125 stocks are trading 70pc below the May 2017 market cap in dollar terms. There is a significant valuation gap between Pakistan and other markets and that should keep foreign investors active,\u201d Farooq added.<\/p>\n<p>Mohammed Sohail, chief executive of Topline Securities, attributed the bullish momentum to \u201cadequate amount of futures position being rolled over\u201d.<\/p>\n<p>Faran Rizvi, head of equity sales at JS Global, said the market recently tested a significant support level at the 58,700 level, and there was an \u201cobserved upward correction\u201d.<\/p>\n<p>He cautioned that investors were specifically concerned about the supply-chain bottlenecks rising from the shipping crisis in the Middle East, noting that it had the potential to influence international commodity prices and undo the downward trend of inflation in developing countries.<\/p>\n<figure class=\"media  w-full  w-full  media--stretch  media--embed  media--uneven\">\n<div class=\"media__item  media__item--twitter  \"><span><\/p>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n        <a href=\"https:\/\/twitter.com\/rizvi_faran\/status\/1740250246633099373?s=20\"><\/a>\n    <\/p><\/blockquote>\n<p><\/span><\/div>\n<\/figure>\n<hr \/>\n<p><em>More to follow<\/em><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Pakistan Stock Exchange (PSX) continued to make recoveries on Thursday as the benchmark index rose by more than 900 points during intraday trading. According to the PSX website, the KSE-100 index gained 957.32 points to reach 61,820.94 points at 10:30am, up 1.5 per cent from the previous close of 60,863.62 points. The bulls regained [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":40817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2023\/12\/2810362044f6fc3.png?r=103639","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-40816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/40816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=40816"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/40816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/40817"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=40816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=40816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=40816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}