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Bulls return to PSX as KSE-100 index gains 537 points

Bulls return to PSX as KSE-100 index gains 537 points

KARACHI: After witnessing bullish trends for continuous four days, the  Pakistan Stock Exchange on Friday bounced back and gained 537 points.

The KSE-100 index closed at 30667 points.

It must be noted that the KSE-100 index had lost over 5,6800 points in the last four trading sessions.

Meanwhile, Asian equities enjoyed some much-needed gains Friday after another volatile week on global markets as investors took solace in a blockbuster series of government and central bank measures aimed at cushioning the economic blow from the coronavirus.

The dollar also eased somewhat after a lengthy rally fuelled by traders cashing out of their investments, while the embattled oil market extended Thursday’s gains.

With the deadly pandemic showing no sign of ending, countries are going into lockdown, effectively shutting down the global economy and leaving experts in the dark as to how deep and long an expected recession will last.

Hong Kong stocks rose 2.9 percent in the afternoon, while Shanghai was up 0.3 percent, Sydney added one percent and Seoul jumped more than five percent.

Taipei gained more than six percent, Manila added 3.4 percent and Bangkok jumped 2.6 percent with Mumbai more than one percent higher. Wellington jumped one percent, while there were also gains in Singapore.