Stock market opens week on a positive note

KARACHI: Pakistan Stock Exchange (PSX) closed on a positive note on the first trading day of the week, owing to the rally brought by the energy sector companies.

The index opened at 63,282.22 points and quickly posted gains before stablising. The second, and more pronounced, growth came in the afternoon and continued until the closing of business. The benchmark KSE-100 index closed at 63,939.41 points with 657 points gains during the day.

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E&P companies remained the top performers with the energy sector trading in green for better part of the day.

Last week, the index went through severe fluctuations following the geopolitical tensions on Pakistan-Iran border. However, with both countries now resuming diplomatic relations and reinstating the ambassadors the tensions have begun to resolve.

Last week the approval of IMF’s next tranche and Rupee’s recovery lent some strength to the index. This week, however, Pakistani Rupee has lost 10 paisas to the US Dollar on the first day of the business week. The sum total of the impacts of the geopolitical and economic issues on the index remains to be seen.