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Bullish trend continues at PSX, index up 209.94 points
November 09, 2017
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KARACHI: Bullish trend prevailed at the Pakistan Stock Exchange (PSX) on Wednesday to take the benchmark KSE-100 Index up 209.94 points or 0.51 per cent to close at 41,259.16 points.

The index touched the day’s high of 41,293.80 points and low of 40,970.62 points. Weak global cues did not hinter the positive spirits.

Stocks closed sharply higher led by scrips across the board amid investor expectations of a package for stock market.

On Tuesday, the index closed at 41,049.22 points with a gain of 18.45 points.

Stocks closed bullish in the post earnings season rally at PSX as investors weigh on oil, banking and cement stocks amid higher global crude prices, rising local cement prices and higher regulatory duties on luxury auto imports. Foreign inflows, upbeat CPI Inflation data for October 2017 and investor interest on renewed foreign inflows.

However, Pakistan stock market took investors on a roller coaster ride in the last week and after dramatic twists and turns, the KSE-100 index finally closed the week almost flat with a slight drop of 41 points but above the 41,000 levels at 41,064 points.

Political upheavals, foreign investors’ outlook to equities and oil prices were major factors that determined the market direction last week. Trading week started on a negative note, exhibiting an extension of the previous week’s equity meltdown.

Agencies

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