PSX jumps over 800 points at Tuesday open

KARACHI: The Pakistan Stock Exchange (PSX) jumped over 800 points, minutes into opening trading on Tuesday – first trading session of the new fiscal year.

The benchmark KSE-100 index opened at Monday’s closing of 125,627.31 points, and immediately jumped 500 points. Less than 30 minutes into trading, the market had posted 860 points gains, hovering at 126,488.17 points around 9:45 AM.

The next 15 minutes brought yet another boost for the market, with the index jumping to 126,868.51 points, more than 1,200 points gains since opening.

Yesterday, the index closed the fiscal year on a high note, carrying forward last week’s bullish momentum, while setting a new high on Monday. During the session, the KSE-100 index soared by 1,369 points before closing with a net gain of 1,248 points, or 1 per cent, settling at 125,627.31.

The upbeat sentiment was fuelled by strong fiscal year-end flows and a significant external trigger – China’s rollover of $3.4 billion in commercial loans. This move helped Pakistan meet the IMF’s foreign reserves requirement of around $14 billion, reinforcing investor confidence.

With sentiment riding high and macro support in place, the market appears well positioned as it steps into the new fiscal year, Topline Securities said yesterday.

Also read: KSE-100 sets new record, a day after Chinese commercial loan rollover