PSX gains over 1,000 points on final trading day before Eid

KARACHI: On Monday, the Pakistan Stock Exchange (PSX) crossed 69,000 mark, with over 900 points gain. After opening at 68,416.78 points, the benchmark KSE-100 index was seen hovering at 69,347.74 points close to 1 AM.

By closing time, the index had gained over 1,200 points to close at 69,619.98 points.

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Today, the index opened at yesterday’s closing and jumped 600 points within a few minutes of opening. Around 9:30 AM, the index was seen hovering at 70,220.68 points. Before 11 AM, the index had jumped over 1,000 points to hover around 70,677.29 points.

The growth came from multiple sectors showing an overall positive trend in the market.

The benchmark KSE-100 index has been showing strength almost consistently for two weeks now. With the improving economic outlook, expectations of a lower policy rate by the State Bank of Pakistan (SBP) and improving US Dollar to Pakistani Rupee parity, the investor sentiment is getting boosted.

The United Nations Economic and Social Survey of Asia and the Pacific (UNESCAP) 2024 predicting further recovery in economy might have also lent strength to the investor sentiment.

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On the flipside, the hike in energy prices might cause the energy sector to show sluggish growth, or even negative returns.

At half past 9, this is how the index board looked: