Stock Market opens on a recovery mode

KARACHI: Today (Thursday), the Pakistan Stock Exchange (PSX) opened at yesterday’s closing of 70,333.31 points with a quick 172 points hike, trading on 70,506 points. Soon after, the pace of growth stabilised but the index continued to stay positive at 70,517.98 points 45 minutes into trading.

Yesterday (Wednesday), the PSX opened at 70,483.66 points after posting notable rallies on Monday and Tuesday. However, by the day end, the benchmark KSE-100 index had lost some of the gains garnered over the past few days, closing 150 points lower opening level at 70,333.31 points. Through the day, the index touched the highest of 70,725.49 points.

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Today, the growth came from multiple segments of the market, including energy, cement and banking sectors showing an overall improvement in investor confidence, not limited to a few areas.

The uptick in the stock market observed over the past few trading sessions can be attributed to factors like Finance Minister’s visit to the US for another International Monetary Fund (IMF) program, Prime Minister’s meetings with Saudi Arabian delegates hinting at FDI inflows, as well as strengthening Rupee against the US Dollar.

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On the flipside, the continued inflationary pressures along with rising petroleum and energy costs are also keeping downward pull on the investment climate in the country.