The KSE-100 had a buying rush, bringing the index from the red to the green zone, despite unsubstantiated claims that authorities were looking into the oil and gas sector’s circular debt.
A drop of about 100 points quickly turned into a gain of over 650 as the market became abuzz with screenshots of news channel tickers based on sources claiming the caretaker setup was committed to fixing the sector’s circular debt issue.
Intraday trading soon saw a surge in buying interest in index-heavy OGDC, PPL, and SNGP shares.
The news comes as investors await the settlement of the circular debt issue, which was one of the commitments made by the previous government to the International Monetary Fund (IMF).
The KSE-100 Index was sitting around 47,871.15 at around 1:50pm, an increase of 441.33 points or 0.92%. This is in stark contrast to Tuesday’s proceedings, when the benchmark index fell nearly 950 points due to profit-taking and consolidation of gains ahead of the National Assembly’s dissolution.