Friday sees stock market maintaining strength

KARACHI: Last week, the Pakistan Stock Exchange (PSX) staged a robust recovery, following a two-day downturn. However, towards the end of the week, the index had plunged down steeply, with Friday seeing the benchmark KSE-100 opening at 61,020.05 points closing at 59,872.96 points.

This week, however, the benchmark KSE-100 stayed positive for the most part, albeit with a slow rate of growth.

Tech stocks surge drives PSX to mark 355-point gain

On Monday, the stock exchange opened with a plunge but by the afternoon it had recovered that day’s losses and turned positive. On Tuesday, built on Monday’s gains and posted over 750 points gain by noon but deteriorated towards the day end. On Wednesday, the KSE-100 index posted over 1,000 points growth. Yesterday, the index remained positive but the growth rate was considerably slower. On the final trading day of the week (today), PSX climbed 335 points before noon.

The index opened at 61,914.34 points and was seen hovering around 62,249.80 points before noon. Over 66 million shares had traded hands before 12 PM on Friday.

The improvement in the index came from multiple sectors today showing that the positive momentum was experienced by the stock market. However, the E&P sector seemed to have contributed a little more to this positive momentum as a whole.

Stock Market slows down but stays positive

The market snapshot at noon looked like this: