PSX surpasses 161,000 level again with over 5,000-point gain
Business
Pakistan Stock Exchange rebounds, KSE-100 rises 5,000+ points to 161,000 amid Middle East tensions, while Asian markets recover and oil and gold trade higher.
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Thursday recorded significant gains to cross the 161,000 points level once against, reflecting a strong recovery after it suffered massive losses due to war in the Middle East.
The KSE-100 index climbed by 5,433.46 points to reach 161,210.67, reflecing a positive change of 3.49 percent. Experts have attributed to the bullish trend to strong buying activity by investors.
A day earlier, the benchmark index witnessed a bearish trend on Wednesday, losing 1,354.88 points, a negative change of 0.86 percent, closing at 155,777.21 points against 157,132.10 points on the last trading day.
A total of 622,692,153 shares were traded during the day, compared to 770,695,162 on the previous trading day, while the price of shares stood at Rs 29.950 billion, compared to Rs 44.363 billion on the last trading day.
As many as 479 companies transacted their shares in the stock market, 201 of them recorded gains and 213 sustained losses, whereas the share price of 65 companies remained unchanged.
Meanwhile, Asian shares rallied on Thursday and U.S. Treasuries declined, pointing to a tentative recovery in risk appetite that has been hammered by the escalating war in the Middle East.
South Korea's KOSPI gauge recovered its steep losses in the prior session following a rebound on Wall Street. The dollar resumed its advance, while oil and gold traded higher.
Chinese shares climbed as party elites in Beijing unveiled their wide-ranging economic and development targets. The U.S. Senate backed President Donald Trump's military campaign against Iran, suggesting no quick resolution to a war that has roiled financial markets, transportation networks, and energy production.
