PSX opens with market adjustment expectations after yesterday’s rally

KARACHI: The Pakistan Stock Exchange (PSX) gained 523.56 points through the day yesterday, closing at 71,433.46 points.

After opening at 70,909.90 points on Monday, the benchmark KSE-100 index jumped 416 points within an hour of trading. After touching the highest of the day in the afternoon at 71,861.18 points, the index slowed down towards the end of the day, still managing to close well above 71,000 points.

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Once before, during the last week, the index had crossed the psychological limit of 71,000 points.

The stock market will likely climb today as well, but the later part of the day is expected to bring some index adjustments.

The factors that are lending strength to the market includes the finance minister’s visit to the US to secure another IMF program, improving rupee, recovering export sector, and the prospect of Saudi Arabia’s investment.

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On the flipside, the eroding situation in the Middle East and the corresponding cautious approach of the international investors is creating negative pressures on PSX as well. Banking and telecom sectors closed in red for the most part, while the energy sector closed in green.