Stock market opens amidst local stability, international volatility

KARACHI: On the last trading day before Eid holidays (April 9), the Stock Exchange of Pakistan (PSX) remained bullish, propelling shares upwards by over 600 points to close above 70,000 points. Yesterday (Monday), saw the index maintain the momentum to gain over 200 points through the day.

IMF urges Pakistan to tax non-essential items including cigarettes

Yesterday, the benchmark KSE-100 index opened at 70,314.71 points, and by closing time, it had grown to 70,544.58 points. The index continues to maintain strength in an environment of stability in the local market and economic and political chaos in the international market.

However, investors still have the commitment by Saudi Arabia of expediting the initial tranche of a $5 billion investment in Pakistan, along with more potential cooperation with Turkiye as well. Moreover, the State Bank of Pakistan’s (SBP) data revealed an uptick in remittances, which could also be attributed to Ramazan.

On the other hand, yesterday, the international oil prices went down after Iran’s retaliatory attack on Israel. Despite that, petrol prices were hiked tangibly. Today’s index outlook is expected to be volatile, with investors showing caution.

Oil prices fall after Iran’s attack on Israel

Finance Minister Muhammad Aurangzeb is currently in the United States on a trip aimed at fostering international financial cooperation. This might work towards building investor confidence.