PSX sees ebb and flow ahead of weekend
Business
PSX-100 Index eventually closed at 117,586 with a gain of more than 400 points
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) witnessed fluctuation in early trading hours of Friday – the last working day of New Year’s first week.
Bulls dominated the market almost the whole week through amid New Year’s celebratory sentiment and government’s ambitious five-year economic plan.
On Friday, trading began on a positive note and an increase of 500 points took the KSE-100 Index to 117,800.
The surge was, however, short-lived as stocks dipped by more than 800 points to 116, 258. Later, they further dipped by 600 or so points.
As the investors opened up their coffers, the PSX-100 Index eventually closed at 117,586 with a gain of 467 points.
A day earlier (Thursday), the KSE-100 Index closed at 117,100.
ECONOMIC TURNAROUND
Week-long buying spree by investors comes amid expectations of economic stability in the country as the federal government unveiled its plan to reform the economy.
On Dec 31, Prime Minister Shehbaz Sharif inaugurated ‘Uraan Pakistan’ - a five-year national economic plan aimed at achieving sustainable development and economic stability.
Addressing the gathering, the prime minister highlighted that the programme would provide a roadmap for economic progress, focusing on digital economy, energy, infrastructure, environment, and job creation.
Meanwhile, decline in inflation also boosted the confidence of investors. The government policies have led to the lowest level of 4.1 percent in 81 months.
According to the Pakistan Bureau of Statistics, the consumer price index was recorded at 4.1 percent during the last month compared to 49 percent in June last year.
This marks a significant decline compared to 29.7 percent inflation recorded in December 2023.
