PSX KSE-100 Index : after selling spree for three days stocks restored for 245 points

The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index on Thursday recovered to positive mode when it added 245 points. The intraday trading gained 0.39% of value concluded at 62,693 points.

The market activity graph indicated the index once dropped to 61,750 points, losing 697 points, but bounced back quickly.

The KSE-100 index started trading from yesterday’s 62,448 points. The index traded in a range of 1100 points showing an intraday high of 62,850 points and a low of 61,750 points.The total volume of the KSE-100 index was recorded at 527.22 million shares.

The KSE-100 index in three consecutive days cumulatively lost around 3,681 points after a prolonged rally.

Stock market analysts reiterated that the mutual funds are believed to be selling their stocks for profit taking, higher leverage financing rate coupled with already overheated stocks values are no stranger to necessary market corrections.