FLASHNEWS:

PSX Recovers From Brief Disruption to Close Higher, Driven by Banking Sector Buys

Karachi: The Karachi Stock Exchange (KSE-100) experienced a volatile trading day that began on a positive note, only to be interrupted by a fire at the PSX premises which caused trading to halt for approximately two hours. Despite the disruption, the market resumed and closed in the green, with significant buying observed in the banking sector.

According to JS Global, the market managed to close the day at 80,566 points, up by 353 points from the opening. The resilience of the market was highlighted by the substantial interest in banking stocks, which drove the majority of the day's gains. JS Global's report emphasized the strategy of buying on dips, particularly recommending sectors such as banking, technology, and oil and gas for future trading.

The report also provided a broader snapshot of market dynamics, noting that while overall volumes were lower due to the shortened trading day, the benchmark index still managed significant gains. Among the notable performers were Shell Pakistan and Allied Bank Limited, which saw their stock prices increase by 9.50% and 9.10% respectively.

Despite the challenges posed by the day's events, JS Global praised the swift action of PSX management in dealing with the emergency and minimizing downtime, which allowed for the quick recovery of market activities. Looking ahead, JS Global advises maintaining a cautious yet opportunistic approach to trading, particularly in sectors that showed strong performance on this tumultuous day.