PSX slumps then recovers; posts 1,000 points gains

KARACHI: The Pakistan Stock Exchange (PSX) opened Monday with a slump, and fell more than 1,300 points from opening level of 109,053.95 points to touch the morning’s lowest at 107,625.91 points.

However, soon after, the benchmark KSE-100 index began to recover and close to noon, the index was seen hovering at 110,189.74 points, with over 1,100 points up from the opening point.

Some analysts attributed the initial drop to the unstable geopolitical conditions, while others said that the potential rise in taxation for banks dampened the market sentiments. The latter argument was lent more credibility by the fact that HBL, BOP, MCB, NBP and UBL were all seen trading in red.

By the noon, the market had recovered and the bulls had taken charge again.

Also read: Pakistani rupee gains 22 paisa against US dollar in early trade