Stock market gets a much needed boost, jumps 671 points

KARACHI: The Pakistan Stock Exchange (PSX) saw a much needed boost in trading activity yesterday (Tuesday), with the benchmark KSE- 100 index climbing by 671.73 points, or 0.85 percent.

On Monday, the index turned negative towards the day-end to close at 78,615 points, which was turned around yesterday with the index climbing 79,286.74 points by the end of trading day. Trading volumes also saw an uptick, with 509,490,385 shares changing hands compared to 491,124,197 shares on Monday.

PSX slumps amid local political uncertainty, global economic instability

The rally was primarily led by the telecom sector, which got a boost by the news of Pakistan Telecommunication Authority (PTA) gearing up for the NGSM auction. However, the gains in the market were not restricted to a few sectors, showing an overall improvement in investors’ confidence.

The turnaround comes despite the lingering uncertainties of the IMF’s approval of loan for Pakistan as well as the expectations of lower interest rates announcement by the State Bank of Pakistan (SBP) in the current week.