KARACHI: After a period of sharp decline triggered by heightened geopolitical tensions, the Pakistan Stock Exchange (PSX) once again moved to the positive zone on Friday.
On the fifth and final trading day of the business week, the stock exchange witnessed an upward trend at the start of the session.
With an increase of over 800 points, the benchmark KSE-100 index reached 115,844 points. Later, it closed at 115,469 points.
It is worth mentioning that at the close of the previous trading day, the KSE-100 index had dropped by 2,206 points, ending at the level of 115,019 points.
PSX bleeds, loses 2,200 points amid simmering dispute with India
The PSX on Thursday witnessed steep downward spiral at the start of the day amid simmering geopolitical tensions and the International Monetary Fund’s (IMF) forecast of declining growth rate.
As a result of rising concerns, the benchmark KSE-100 index hovered at 114,661 points after losing more than 2,500 points during early hours of trading. Later, the situation somewhat improved but the key index closed at 115,019 after losing 2,206 points.
Panic-selling was observed in key stocks including UBL, HUBC, HMB, MARI, and ENGROH.
On Wednesday, the benchmark index was closed at 117,226.15 after losing 1,204.21 points.
“This reversal in sentiment can largely be attributed to escalating regional geopolitical tensions, which prompted investors to adopt a cautious stance and lock in recent gains,” Topline Securities stated in its post-market report after the stocks traded in red.
