PSX rebounds as investor sentiments recover

KARACHI: The Pakistan Stock Exchange (PSX) took a much-needed break from its recent decline as it posted an increase of 407 points in early trading on Monday.

After opening at 45,312.65 points, PSX posted modest but quick gains on first trading day of the week. Around noon, the benchmark KSE-100 index was trading on 45,720.57 points.

Stock market bleeds, PSX loses 1,242.14 points

The resurgence in the PSX was primarily attributed to the strong performance of exploration and production companies, with KAPCO, OGDCL, and PPL leading the charge. Investors welcomed this positive development, as it signaled a potential shift in market dynamics.

One contributing factor to the improved investor sentiment is the eagerly awaited visit by a Saudi Arabian delegation. It is widely anticipated that the Saudi delegation will unveil investment plans in various sectors of Pakistan, including minerals, mining, and refineries. This prospective injection of foreign investment has generated optimism among market participants.

The past week had seen the PSX suffer its steepest weekly decline since November 26, 2021, with a loss of 2,358 points. The recent recovery suggests that some stability may be returning to the market following the tumultuous period.