Abb Takk News

Bull-run on PSX as index gains 700 points

Karachi (May 23, 2017): Bull-run is seen on Pakistan Stock Exchange (PSX) on Tuesday as benchmark KSE-100 index gained some 700 points in mid-day trade.

The PSX started the day in the green zone and bullish trend was seen on the bourse in the morning session.

The KSE-100 index gained some 581 points and crossed 52, 000 level during trading by mid-day.

On Monday, stocks rallied to break free from the previous sessions of declining trend. The benchmark KSE-100 index gained 631 points, or 1.24 per cent, to close above the 51,000 level.

The market received support from heavy net buying by mutual funds of the stocks worth $10.72 million.

Analyst Adnan Sami Sheilch at Topline Securities said the stocks witnessed widespread buying as the previous week`s correction reopened valuations. Global markets were buoyed by US President Donald Trump’s visit to Saudi Arabia, with Asian equities gaining while European and US futures also pointing in the same direction.

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