Karachi: Pakistan Stock Exchange (PSX) managed to gain on Tuesday with support from encouraging news from the corporate sector. Furthermore, strengthening of the Pakistani rupee against US dollar and attractive prices after heavy correction in last session also added to the positive trend.
Despite opening in negative as an extension of the previous day correction, the benchmark KSE-100 Index gained 376.63 points to 44,808.83 points by 11:08 am.
The market only needs some hopes from fundamentals, as technically share prices of strong stocks are already at attractive levels for buying, traders and analyst said. The news regarding regulators assurance for facilitating the corporate sector and improvement in rupee value against USD provides decent reason to investors for at least selective buying, they added. However, the situation at the pandemic front and lock-down strategy will keep investors cautious that can trigger selling in higher levels again, they added.
Yesterday the Chairman, Securities and Exchange Commission of Pakistan (SECP), Aamir Khan, reiterated SECP’s commitment to outcome-based regulation by reducing regulatory burden, simplification of laws and optimal use of technology.
Meanwhile, Mr Yevgeniy Zhukov, Director-General, the Central and West Asia Department of the Asian Development Bank (ADB), acknowledged the Government of Pakistan’s commitment to reform the economy. He reiterated ADB’s commitment to work closely with the Government of Pakistan to develop more meaningful projects aligned with the country’s needs and regulatory frameworks.