Stock market opens after impressive rally on Friday

KARACHI: On Friday, the Pakistan Stock Exchange (PSX) experienced a significant rebound, closing the week with gains after facing declines in the preceding days. The index will begin this week on 75,878 points, continuing from Friday.

This resurgence was largely driven by a softer-than-expected inflation reading for May, which bolstered investor confidence, analysts said.

Major rebound: PSX closes May 2024 above 75,000 mark

The benchmark KSE-100 index surged by 1,000.35 points, or 1.34 per cent, to close at 75,878.48 points on the final day of the outgoing week. Today (Monday), the index opens at Friday’s closing with expectations of a positive momentum in the trading session.

Trading volumes have been robust despite fluctuations in the KSE-100 throughout the previous week. As the fiscal year nears closing, improving economic indicators along with the new budget are lending strength to investor confidence, despite periodic variability.