STOCKS TAKE A U-TURN
By Commerce Reporter
KARACHI: Stocks went through a dramatic ride yesterday as KSE-100 Index took a complete U-turn, registering an over 1,660-point intra-day movement after panic selling had caused it to plunge at the start of the trading session as of Panamagate case continue to cast dark shadows. Pakistan Stock Exchange benchmark KSE-100 index during the session made a low of 43975 points. The index during the early hours recorded a decline of as much as 300 points but buying and gain helped the index to move upward as high as h of 44630 points. At the end of trading, Pakistan Stock Exchange’s (PSX) benchmark index recorded an eventual rise of 729.11 points or 1.56% to end at 47,603.48. Buying in selected stocks belonging to oil, gas, cement and steel sectors helped boosted the overall rally. But general concern from the market men was the outcome of the Supreme Court proceedings, the JIT investigation revealed fact against the sitting Prime Minister and his family members. The market opened gap-down 1.5% due to the initial panic and subsequently fell to low of -1.8%, later swiftly recovered as investors expect the decision tomorrow, would likely not be against the government, resultantly the market closed up 1.6%. It is difficult to analyze at current stage as crucial days are ahead for the financial institutions and mutual funds and general investors to execute decision related to investment in stocks, but till such time the market would likely to move into hope and despair.