Stock market starts to stabilise after historic highs

KARACHI: The Pakistan Stock Exchange (PSX) was able to maintain a note of stability through the day yesterday (Wednesday) when it closed at 93,355 points.

The benchmark KSE-100 index showed deterioration early in the day and plummeted to 92,943.07 points. However, soon after the index turned the tide and by the afternoon, it had gained over 560 points to hover at 93,786.39 points. Some of this high tide was lost by the closing time, but the market still managed to close with 130 points gains at 93,355.42 points.

The gains and losses were spread across multiple sectors showing an overall market sentiment movement throughout the trading session. Trading volumes, however, remained stable. KSE-100 has been posting historic highs for the past few weeks, but yesterday’s session finally seemed to show that stability was approaching in the market.

The upcoming International Monetary Fund (IMF) mission, along with stabilising macroeconomic factors are ushering positivity and steadiness in the bourse. Today, the index is expected to continue the upward momentum, albeit on a slightly more cautious note.

Also read: Stock market turns tide after a shaky start