PSX remains bullish for third consecutive session
Last updated on: 26 October,2018 11:57 pm
In open market dollar moved in a range of 131.30 to 131.80 level
(Web Desk) – The capital market for the third consecutive session registered sharp rise of 2.3 percent over the reports that soon brotherly countries would also announce financial assistance for the country help bailing out from the economic mess boosting sentiments of the local mutual funds, banks and high net worth individuals.
However dollar movement at interbank was quite slow. It closed at 132.30 level as due to weakened importers and exporters stayed away from the market.
In open market dollar moved in a range of 131.30 to 131.80 level.
The market during the first session move both ways as there was no positive news which changed the pattern. However following the opening of second session the market received news that high power delegation from the United Arab Emirates has arrived and would talks with the Finance Minister Asad Umar and would explore investment possibilities.
Moreover, the market men mood strengthen when development circulated that UAE would likely to approve financial assistance of $1 billion for Pakistan. This was enough to boost sentiments and the market closed on three week high mark.
On October 3, 2018, the stock market closed at 40560 points level. The PSX 100 index closed with gain of 925 points to 40556 points.
The stock market recorded healthy since last three days and scored more than 2800 points despite hefty selling witnessed in the Asian markets.
According to an analyst Prime Minister Imran Khan speech that all efforts will be done to cost of doing business and eradicate corruption sent positive signals to foreign investors. Foreign investors usually demands end of red tape-ism, in other words corruption to help elevate foreign investment.