KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) saw a strong recovery on Tuesday, with the bulls making a significant comeback following Monday’s massive losses triggered by a sell-off.
The KSE-100 index surged by an impressive 7,032.60 points, to climb to 165,476.02 points, marking a notable 4.44% gain from the previous session's close of 158,443.42 points.
Market experts attributed the buying rally to a return to stability, as tensions surrounding a recent protest by a religious group eased overnight.
With normalization gradually taking place in various cities, investor sentiment turned positive, fueling the upward movement in stocks.
This sharp rebound signals renewed confidence in the market, following a period of uncertainty, and suggests a promising outlook for the near future.
A day earlier, the stock market shed massive 4,654.77 points, showing a negative change of 2.85 percent, closing at 158,443.42 points against 163,098.19 points on the previous trading day.
A total of 1,365,703,374 shares were traded during the day compared to 1,401,248,178 shares in the previous session, while the share value stood at Rs62.465 billion against Rs47.794 billion previously.
As many as 482 companies transacted their shares in the stock market; of these, 74 recorded gains, 375 sustained losses, and 33 remained unchanged.
Meanwhile, Minister for Finance and Revenue Senator Muhammad Aurangzeb, along with his team, has commenced his official engagements in Washington DC, as he arrived to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).
The minister began his official engagements with a meeting with Regional Vice President, IFC for the Middle East, Central Asia, Türkiye, Afghanistan and Pakistan Riccardo Puliti, said a news release.
During the meeting, the minister highlighted strong macroeconomic indicators of the country.
Senator Aurangzeb appreciated IFC’s partnership with Pakistan, its role in scaling up private sector investment including through multi-billion-dollar investments in support of the 10-year Country Partnership Framework (CPF).
He agreed to achieve early financial closure of the IFC’s flagship Reko Diq project. He also welcomed the new regional set-up of IFC with a regional office in Islamabad.