PSX surges by 4,200 points during intra-day trading
KSE-100 Index surges by around 3.87%, current index at 113,755.68
Islamabad
The Pakistan Stock Exchange (PSX) kicked off the week with a strong rally on Monday, as the KSE-100 index rose by 3.87% during intra-day trading.
The stock market reached a high of 113,833.69 points from its previous close of 109,513.14.
It earlier reach a low of 110,891.35 points.
The total market value stood at 12,022,506,787, with a substantial trading volume of 106,155,448 shares.
This positive movement reflects strong investor confidence, contributing to an optimistic outlook for the market.
Earlier, the Pakistan Stock Exchange (PSX) experienced significant volatility during the week, with large fluctuations in the KSE-100 index due to various factors, including profit-taking, policy changes, and economic indicators. The week began positively with a 1,867-point surge after the State Bank of Pakistan (SBP) cut its policy rate by 200 basis points to 13%, boosting investor optimism.
However, this rally was short-lived as concerns over tax policies and mutual fund redemptions led to market corrections.
The KSE-100 index saw a major decline, with a historic drop of 3,790 points on Wednesday, followed by further selling on Thursday, resulting in a total loss of over 4,700 points.
Despite these setbacks, the market rebounded on Friday, with a strong recovery of 3,238 points, driven by positive economic developments such as government efforts to privatize state-owned enterprises, rising exports, and stable foreign exchange reserves.
By the end of the week, the KSE-100 index closed at 109,513, down 4,789 points (4.19%) week-on-week.
The PSX was influenced by sector-wise declines in oil and gas, fertilizer, cement, and banking stocks, while oil marketing companies and power sectors showed some positive movement.
Foreign investors continued to sell, particularly in exploration and production companies and banks, while local buying was seen in individuals and banks/DFIs. Trading volumes dropped, and the Pakistani rupee depreciated slightly to 278.42 against the US dollar.
