PSX midday update; bullish momentum comes to a halt

KARACHI: The Pakistan Stock Exchange (PSX) began Wednesday’s trading with a bullish momentum, continuing from Tuesday’s rally. The benchmark KSE-100 index crossed the 114,000 points mark briefly after opening at 113,088.47 points. However, the gains soon began eroding but the market still managed to stay in the green.

By 1 PM, the KSE-100 was seen hovering merely 150 points above the opening level. Pakistan’s stock market has been undergoing fluctuations for the past several sessions, with periodic expansions and contractions. There are contradictory factors impacting the stock market.

PSX posts 1,300 points gain by mid-day

On the positive side are improving macroeconomic indicators including inflation and policy rate. On the negative side are the political and judicial instability coupled with crackdowns on industries due to climate concerns.

All in all, while the foundational support is available to the market these days, the day to day factors are creating some uncertainty, as is evident by the stock market movement as well.

Around 1 PM, the benchmark KSE-100 index looked like this: