KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Tuesday plummeted to 94,181 points after ups and downs amid political uncertainty.
The KSE-100 index closed at 94,181 points after reduction of 3,506 points after days of surge.
Hours earlier, it came close to 100,000 mark by posting 99,820 points while defying political uncertainty.
The situation evolved after stocks plummeted during early morning trading. The KSE-100 index first came down to 97,538 after reduction of 541 points.
Later, it struck back and broke its own record.
WEEK BEGINS ON POSITIVE NOTE
The Pakistan Stock Exchange (PSX) began the first day of the week (Monday) on a positive note as the KSE 100-index surpassed 99,000 mark.
At one point, the KSE-100 index, with an increase of 1,294 points, touched 99,092 figure amid robust trading.
However, it came down to 97,954 around 11:30am. The figure oscillated and eventually the stocks closed at 98,089.
WEEKEND SCORECARD
On Friday (last working day of the week), bulls continued to maul the Pakistan Stock Exchange (PSX) for the second successive day as KSE-100 index came within a whisker of touching 100,000 mark.
The KSE-100 index peaked to 99,623.03 during trading but at midday the market lost some shine and closed at 98,972.43 points after losing 423 points to 1,644.04 (1.69%).
Around 11am on Friday, there was unusual activity on the market as the KSE-100 rose by 2.11 percent to 99,385.79 points with the addition of 2,057.40 points.
Earlier, soon after the opening of the market at 9 in the morning, the KSE-100 index increased by 1,101 points to 98,430 points. During trading, the market touched 98,592 points.
As Friday's trading came to a halt, the KSE-100 index settled at 97,798 points.
It may be noted that recent “positive” indicators have boosted the confidence of investors. Army chief Gen Asim Munir met businessmen in Karachi the other day while attending IDEAS 2024 exhibition and reassured them of “both economic and political stability.”
The sustained bullish momentum in the market is believed to be caused by several factors which mainly include rebuttal of news by Finance Minsiter Muhammad Aurangzeb regarding possibility of a mini-budget.
Besides, an increase in Pakistan’s Foreign Exchange Reserves also helped elevate investors’ confidence.
Also read: Stocks continue to trade in green amid improved macroeconomic indicators
The Pakistan Stock Exchange (PSX) continued to witness bulls’ surge on the back of encouraging statements from the International Monetary Fund (IMF) mission during its recently concluded visit.