Stock market closes with minor losses after impressive rally

KARACHI: Pakistan Stock Exchange (PSX) opened at 70,483.66 points today (Wednesday), after posting notable rallies for the past two days.

However, by the day end today, the benchmark KSE-100 index had lost some of the gains garnered over the past few days, closing 150 points lower opening level at 70,333.31 points. Through the day, the index touched the highest of 70,725.49 points.

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While the energy and textile sector continued to offer strength to the market, the telecom sector turned out to be the negative factor in today’s trading.

Yesterday (Tuesday), the benchmark KSE-100 index crossed the psychological barrier of 71,000 points, before deteriorating moderately to still close higher than the opening level of 70,544.58 points.

Previously, on April 9, the KSE-100 index breached the 70,000-point level for the first time, recording a gain of 694 points. Just a day earlier, it had reached a new high of 69,426 points after a remarkable surge of 1,203 points.

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The uptick in the stock market observed over the past few trading sessions can be attributed to factors like Finance Minister’s visit to the US for another International Monetary Fund (IMF) program, Prime Minister’s meetings with Saudi Arabian delegates hinting at FDI inflows, as well as strengthening Rupee against the US Dollar.

On the flipside, the continued inflationary pressures along with rising petroleum and energy costs are also keeping downward pull on the investment climate in the country.