Weekly wrap-up: Stock Market finally on the road to recovery

KARACHI: Friday continued the positive Pakistan Stock Exchange (PSX) sentiment built on Thursday, and posted 353.99 points gain by 11 AM. The market was seen hovering around 62,406.22 points around noon, after opening at 62,052.23 on the final trading day of the week.

Last week, the PSX fluctuated severely owing to profit taking and market correction marking the better part of trading activity through the five days.

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This week, after Monday’s holiday, the index opened on Tuesday with a bearish sentiment and plunged down by over 1,200 points by within two hours of trading. Wednesday followed the same fluctuating tone but managed to recover some of the day’s losses by noon. The index had gained 1,189 points to close at 62,052 by the day-end.

Thursday saw the benchmark KSE-100 index gaining notably and closing above the 62,000 mark with an impressive rise of nearly 1,200 points. The market received substantial backing from notable institutional buying, contributing to the optimistic investor sentiment.

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Market analysts attribute the sustained bullish trend to institutional buying, driven by year-end considerations and the decreasing government bond yields amid expectations of lower inflation and interest rates.

The continued recovery of the Pakistani rupee and a decline in government bond yields further supported the upward momentum.