KARACHI: Pakistan stock market managed to regain upward rally after three days fall on the back of fresh buying on attractive share prices. The benchmark index that closed below 48,000 points support level yesterday bounced back fast towards recovery this morning.
KSE-100 Index was trading at 48,051.05 points at 12:50 pm up 150 points (0.3 percent) from the previous day’s close.
Traders and analysts said in absence of any encouraging news, the recovery seems mostly on technical ground as the three-day fall pushed the Index and the share prices down at the attractive levels for fresh buying. However, the trend demands cautious policy and avoiding speculative investments as the later part of the day can again see corrections on the back of profit-taking by day traders with low holding capacity.
On the other hand, the blast in Lahore yesterday and the rupee’s depreciation against the US dollar are also worrying investors, they added.
The US dollar has gained Rs1.02 during the last two trading sessions against the Pakistani Rupee in the interbank market owing to an increase in food and machinery imports. The US dollar closed at Rs 158.53 in the interbank today — after it gained 32 paisas — compared to the previous closing of Rs 158.19.