Bulls made a strong comeback to the Pakistan Stock Exchange (PSX), which had suffered the worst-ever bloodbath the previous day, on Wednesday evening as the KSE 100-share index comfortably crossed the psychological barrier of 60,000 points on renewed buying, reported 24NewsHD TV channel.
A gain of 1,692.65 points was witnessed in the benchmark index at the end of trading at the shares market, with the 100-index closing at 60,863.62 points.
The index has lost over 8,000 points during the last 14 days.
Yesterday, share prices at the PSX fell like nine pins, taking the index down by over 2,500 points as the much-needed correction which saw the stocks losing over 8,000 points in a few days after the non-stop rally took the index to over 67,000 mark.
Selling pressure cleared the way for the bears to storm the trading with the benchmark KSE-100 index plummeting by 2,535 points to 59,170.
Across-the-board selling was witnessed as index-heavy sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas marketing companies, oil and gas exploration companies, refineries and pharmaceutical traded in the red.
Reporter: Ayyaz Rana