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Midday: Stocks keep on rallying amid devastating flood

Midday: Stocks keep on rallying amid devastating flood

KARACHI: Cautious optimism kept the stocks racing forwards as Karachi Stock Exchange KSE 100-index gained another 59 points or 0.20 percent to 29787 points in midday trading.
Although the enormity and severity of crises have worsened with the ongoing flash flood, the stock exchange seems to have chosen the middle way.
The market plunged to 29712.11 in the opening hours from the overnight 29,728 but recovered quickly and remained positively. KSE remained positive due to fixture of another round of talks between the government and the protesting Pakistan Tehreek-i-Insaf (PTI) today. An agreement remained elusive in the talks but both sides appeared to be accommodating each other on critical issues in negotiations.
The market seemed to have thrown caution to the wind as worries over the political turmoil, the recent setback to the economy and the ravages caused by rain and floods were all but ignored.
The analysts also thought that expectations of a rate cut had been tamed to a large extent, as IMF review and progress on reforms seemed to be in the doldrums.