KARACHI: Bulls strengthen grip at the Pakistan Stock Exchange as positive news flow from the economic and corporate front supported investors sentiments.
Meanwhile, the falling numbers of fatalities and government’s announcement to vaccinate all citizens aged 19 and above also gave investors a sign of relief from the COVID spread fear.
The benchmark KSE-100 Index gained 492 points to 46,792 points at 12:34 pm. The index reached as high as 46,856.27 points and as low as 46,300.66 points during the trade.
“From the start of the day there was a very timely news flow today to keep market gaining the momentum,” traders and analysts said. “For example, while the surplus current account report was there, the news of PIA hotel issue came in and further some more developments at the corporate side supported the current rally.”
The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in favour of Pakistan in a case initiated by Tethyan Copper Company (TCC) for attachment of assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL), including hotels in New York and Paris, as part of its efforts for the enforcement of the Reko Diq award.
Another listed company, Telecard Ltd. said that it has secured Rs400 million equipment supply contract from an Australian company.