Stock market stable above 62,000 points

KARACHI: Pakistan Stock Exchange (PSX) began the trading week on a bullish note, charging through 62,000 points mark, reaching an all-time high on Monday. Today (Tuesday), the share market showed fluctuations but managed to stabilise.

The benchmark KSE-100 index opened at 62,493.05 points, and fluctuated between the lowest of the morning at 62,328.91 points and the peak of the morning at 62,726.24 points. By noon, the stock market had stabilised around 62,626.06 points, showing a 133.01 points gain over opening stage.

Rupee gains marginally against the dollar

Experts are of the opinion that the index is charging based on the expectations of a reduction in interest rates by the central bank. Furthermore, the expectations of the IMF green-lighting the tranche this week has added to investor confidence, as have the announcements of Pakistan’s recent MoU signings with the UAE.

The growth in the market came from multiple sectors but energy sector seemed to be spearheading the hike. Around the same time, Pakistani Rupee has also maintained stability with marginal growth.