Stock market crosses 54,000, again

KARACHI: Initially, 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.

However, in the afternoon yesterday, 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. Eventually towards the day end, the share market fell even more to close at 53,735.73 points.

However, Wednesday once again brought an uptick in the stock market. PSX pushed up by 620.35 points until noon, crossing the 54,000 mark once again to hover around 54,356.08 points by midday.

Pakistan seeks support from friendly nations amidst IMF talks

The share market has seen some impressive growth days in the past few weeks, with sporadic downturns.

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.

By noon, trading at the Karachi stock market had seen nearly 140 million shares trading hands on Wednesday.