KARACHI: The Pakistan Stock Exchange (PSX) managed to break the bearish spell and registered recovery after three-day corrections that led the benchmark KSE-100 Index to retreat almost to the 48,000 points mark early today. However, the market found support and ended the day in positive.

Karachi Share Index (KSE-100) ended the day 81.04 points (0.17 per cent) up at 48,238.67 points against the previous closing of 48,157.63 points. The market went as high as 48,411.72 points during intra-day trading, while recorded as low as 48,023.53 points.

Trading volumes declined to 750.5 million shares today, as compared to 1.1 billion shares yesterday, while the daily traded value increased to Rs20.66 billion from Rs19.6 billion in the previous session, the data said.

Traders and analysts said that the room created by the corrections in the last three days invited fresh buying today. However, due to the end of the trading week, the investors will prefer to stay very selective in buying. The second session can also see some profit-taking, they added.

The share price of Rafhan Maize increased by Rs44.55 to Rs9,500, while Sapphire Textile gained Rs39.15 to Rs926.60. On the other hand, Gatron Ind. lost Rs40.99 today to close at Rs520 while Nestle Pakistan lost Rs30 to close at Rs5,750.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

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