Stock market’s rally continues unabated

KARACHI: The Pakistan Stock Exchange (PSX) continued the bullish momentum on Tuesday, posting 650 points gains, after opening at90,195.51 points.

Throughout the trading day, the benchmark KSE-100 index surged above 91,000 points. However, by the day-end the stock managed to close at 90,864.09 points. The continued momentum of the index is attributed by the analysts to strong earnings season and improving foreign exchange profile of the country.

Expectations of a lower policy rate by the State Bank of Pakistan (SBP) early next week is also adding to the investor confidence.

Another notable shift witnessed in Tuesday’s session was the increase in foreign interest in blue-chip stocks. For several weeks, the foreign investors have been clocking in as the net sellers in the PSX despite the growing market.

Trading volumes also showed robustness, with 602.8 million shares exchanging hands during yesterday’s session for Rs 28.2 billion.

Also read: Stock market likely to maintain bullish momentum today