PSX jumps over 700 points in early Monday trading

KARACHI: The Pakistan Stock Exchange (PSX) opened Monday on a bullish note, gaining over 700 points within an hour of trading. The benchmark KSE-100 index opened at Friday’s closing of 115,536.16 points, and touched the morning’s highest at 116,321.41 points, showing 785.25 points growth.

Some of these gains dissolved as trading progressed, but the index managed to remain strong.

Market analysts are attributing the growth to positive expectations from the International Monetary Fund’s (IMF) review. The outgoing week also saw the capital market staying strong. On Saturday, the positive market sentiment got a real push upwards, with IMF mission chief Nathan Porter saying that Pakistan has made significant progress towards reaching the Staff Level Agreement (SLA).

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Settlement of energy circular debt is also on the horizon, lending further support to investor confidence, especially in the energy and industry sectors. During the outgoing week, PSX gained a total of 1,137 points on a week-over-week basis.

That growth trend continued into this week, and around 11 AM, the PSX looked like this: