Stocks trade flourishes, surpasses 116,000 mark
Business
With an increase of 700 points, the PSX went strong at 116,321 during early morning trading
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Monday began business on a positive note as the key index surpassed 116,000 points.
The upward trend persists in the last few days amid hope of favourable outcome of the ongoing talks about loan tranche with the International Monetary Fund (IMF).
With an increase of 1,000 points, the PSX went strong at 116,626 during early hours of the first day of the week.
Later, the index closed at 116,199 with a gain of 663 points.
Also read: PSX goes strong amid economic gains
On Friday, the KSE-100 Index closed at 115,536 with a gain of 441 points.
Having gone through ups and downs, the PSX on Thursday last gained momentum with the key index surpassing 115,000 points.
The KSE 100-Index gained 1,009.70 points, or 0.89pc, and closed at 115,094.23 points. The intraday high was 115,247.39 and the lowest level was 14,429.93.
Experts say the upgrade of Pakistani banks by Moody’s Ratings is a key factor. Similarly, hope of successful talks with the International Monetary Fund (IMF) added to the confidence of investors.
“We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago,” Moody’s said in its assessment last week.
The Pakistan Stock Exchange (PSX) regains upward movement in the last few days amid hope of favourable outcome of the ongoing talks about loan tranche with the International Monetary Fund (IMF).
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