KARACHI: Bulls continued to maul the Pakistan Stock Exchange (PSX) for the second successive day on Friday 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.
It may be noted that recent “positive” indicators have boosted the confidence of investors. Army chief General Asim Munir met businessmen in Karachi the other day while attending defence 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.
Meanwhile, market experts advised the retail investors to adopt a long-term strategy and invest in a diversified portfolio of companies.
A day earlier (on Thursday), the PSX crossed another milestone when it surpassed 97,000 mark amid positive economic indicators.
With an increase of 1,694 points, the KSE-100 index touched 97,241 which was close to all-time high of 97,270 minutes earlier.
During morning trading hours, the stocks slightly dipped. With a reduction of 145 points, the KSE-100 index recorded 95,371 points.
On Wednesday, the PSX closed at 95856.67 point. The benchmark KSE-100 index soared to 96,014.90 points on Tuesday, but eventually closing at 95,856.66 points. On Monday the PSX closed at 94,995 points.
As for Thursday’s currency rate, dollar with 4 paisa cut was traded at 278.
The Pakistan Stock Exchange (PSX) continued to witness bulls’ surge on the back of encouraging statements from the International Monetary Fund (IMF) mission during its recently concluded visit.
