PSX loses super-gains but manages to close above 72,000 points

KARACHI: Karachi stock exchange achieved a new high of 72,240 points on Wednesday (today), registering a hike of over 900 points before noon.

However, towards the end of the trading day, some of these gains had eroded. But the index still managed to marginally close above the psychological mark of 72,000 points – 72,051.89 points to be exact.

Stock market breaches 72,000 psychological mark

During the day’s session, the Pakistan Stock Exchange (PSX) began around 71,467.01 points, and soon after touched the highest of 72,414.32 points, before slowly stabilising to the closing stage.

The benchmark KSE-100 index showed recovery sentiment, owing to the market adjustment that took place yesterday. So far this week, the index has been changeable but with more upward ticks than downward drops.

Overall economic environment also seems to be favoring the positive investor sentiment.

On Monday, the index had crossed the psychological mark of 71,000 points and gained 523.56 points. On Tuesday, the market showed some fluctuations to adjust the market to local and international trading climate. Today, once again, the market continued its fluctuations with positive closure to the day.

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The factors that can be attributed for the climb in the market include the finance minister’s recent visit to the US to secure another IMF program, recovering export sector, and the prospect of Saudi Arabia’s investment.

However, the uncertainty surrounding the situation in the Middle East is causing negative pressures on the markets worldwide, and Pakistani stocks are also feeling the fluctuation ripples.