PSX keeps upward journey
Business
Shares touched over 700 points
KARACHI (Web Desk) – The Pakistan Stock Exchange (PSX) kept up its upward journey on Friday as shares touched over 700 points due the expected decline in inflation and the likely political stability.
The KSE-100 index gained significantly throughout the day and closed at 65,325.68 points, up by 747.16 or 1.16 per cent from the previous close of 64,578.52.
Experts say the market stayed in positive territory due to an expected decline in inflation and interest rates going forward.
Moreover, clarity in the political landscape and the expected formation of a federal government are further boosting investor confidence, they said.
They noted the market had gained 4 per cent on a week-on-week (WoW) basis primarily due to the formation of the government on federal and provincial levels, coupled with buying interest of foreigners.
They said the key names of foreign buying remained Efert, Engro, and Meezan Bank Limited (MEBL) among others.
They also highlighted foreigners had bought $20 million worth of shares in the previous three weeks.
