Stock market crosses 54,000; then stumbles down

KARACHI: Pakistan Stock Exchange crosses the 54,000 points mark early on Tuesday morning, when it was seen hovering around 54,312.89 points within an hour of opening.

The benchmark KSE-100 index opened at 53,860.36 points, but quickly posted over 450 points hike crossing the psychological barrier of 54,000 points.

However, in the afternoon, the index stumbled down trading 76 points even lower than the opening stage. Around 3:30 p.m. the benchmark KSE-100 index was seen hovering at 53,784.18 points.

KSE-100 index fluctuates, then posts massive gains

The share market has seen some impressive growth days in the past few weeks, with sporadic downturns. Today was no different, with massive growth followed by downward fluctuations.

The upcoming IMF review, and the central bank’s decision to keep the policy rate unchanged have offered stability to the investor confidence in the stock trading.

At the same time, the government’s decision to intensify crackdown on illegal foreign currency trading as well as maintaining petrol and diesel prices have proven positive for investor sentiment.

During the first hour of trading at the Karachi stock market, over 34 million shares had traded hands on Tuesday.