Stock market closes above 83,000 mark with 810 points hike

KARACHI: Against all odds, maintaining strength despite the heating political climate, the Pakistan Stock Exchange (PSX) maintained strength posting 810.19 points gains through the day today (Friday).

The benchmark KSE-100 index pierced through 83,000 points during first half of the day, touching 83,182.37 points before Jummah break. After the break, the bourse once again picked up pace and closed at 83,531.95 points.

Stock market stable despite political instability; pierces through 83,000 points

After the index dropped to the day’s lowest at 82,594.79 points around 9:40 AM, it gained pace to reach the highest of the day at 83,605.72 points around 4:20 PM. Some of these gains dissolved before closing, but the stock market still managed to post a notable gain.

Market analysts are attributing the hike to declining inflation, stable Pakistani Rupee as well as overall improving economic indicators. Positive earnings, favorable economic policies, and State Bank of Pakistan’s (SBP) stable foreign currency reserves are all adding to the market confidence.