Pakistan stock market gains over 1,100 points

KARACHI: The Pakistan Stock Exchange showed a bullish trend on Wednesday with the benchmark KSE-100 Shares index gaining 1195.04 points.

The current index stood at 34,637.14 with a 3.45 per cent change since trading opened.

Bullish activity was also witnessed at the stock market a day earlier with the KSE-100 gaining 191.56 points.

The Pakistan stock market has performed well after reports that government-backed financial institutions would pump liquidity into the market.

Last week, a delegation led by businessmen and brokers held a meeting with Adviser to Prime Minister on Finance Dr Abdul Hafeez Sheikh and discussed the overall macro-economic situation and its impact on capital markets in the country.

Considering the present depressed market sentiment, the delegation suggested various measures for strengthening the capital markets.

It was suggested that the proposed draft of Listed Companies (Buy Back of Shares) Regulations, 2019, be approved on priority basis and the limit of 10 per cent on treasury shares should be enhanced.

It was also proposed to resolve the present issue of ready futures transaction at PSX, which is also hurting the market volumes.

The delegation also recommended that keeping in view the attractive valuations at the PSX, a market support fund may be considered.

On the occasion, Sheikh took note of all the suggestions positively and assured full support and cooperation of the government.