PSX recovers after morning dip

Pakistan stock

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a significant dip of nearly 30 points immediately after the opening bell, but it quickly rebounded, bringing stability to the market on the final trading day of the week.

PSX started the day at 45,757.23 points, briefly slipping to 45,728.89 within the first hour of trading. However, it bounced back, reaching 45,844.54 points by midday. Throughout the current week, the benchmark KSE-100 index has shown signs of gradual and consistent recovery.

“Raising money through shares is cheaper than bank borrowing”

The positive momentum in the market was notably boosted yesterday when the index gained 51 points by midday, following the International Monetary Fund (IMF) announcement of accepting the option to extend payments for electricity bills. Additionally, an initial public offering (IPO) held at the stock exchange on Wednesday contributed to improved market sentiment.

On this Friday morning, exploration and production companies are performing well, with green numbers on their charts. However, power and textile companies are trading in the red.

The appreciation of the Pakistani Rupee against the US Dollar, along with anticipated investment inflows, is bolstering confidence among traders. Moreover, increased efforts by authorities to combat smuggling and illegal currency activities are contributing to market stability, as reflected in PSX trends throughout the week.

You May Also Like