PSX oscillates amid 'political uncertainty' in country
Business
With an increase of 1,294 points, the KSE-100 index touched 99,092 figure amid robust trading
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) began the first day of the week (Monday) on a positive note as KSE 100-index surpassed 99,000 mark.
With an increase of 1,294 points, the KSE-100 index touched 99,092 figure amid robust trading.
However, it came down to 97,954 around 11:30 am. The figure oscillated and eventually the stocks closed at 9,879.
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.
