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PSX rebounds after yesterday’s plunge, Mimics Global Markets

The benchmark KSE-100 gained as much as 1,171 points in intra-day trade as an uptick in oil prices on Tuesday. The rally in international markets coupled with the lower-than-expected inflation figures in October lifted the overall market sentiment.

“The market witnessed a relief rally after the recent bloodbath. Sentiments improved as both international oil prices and international markets recovered sharply overnight,” said Topline Securities Chief Economist Syed Atif Zafar while speaking to Dawn.

Inflation in October eased to 8.9% cent compared to 9% in September owing to a slight decrease in food prices. The figures were below market expectations as analysts had forecast the monthly price increase to clock in above the 9% mark.

To Mohammad Sohail of Topline Securities, the rally being witnessed today in line with global markets while additional support was lent by the uptick in crude prices which in turn supported oil stocks.

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