PSX Surges 0.9%, KSE-100 Index Jumps Over 1000 Points
In a surprising turn of events, the Pakistan Stock Exchange (PSX) witnessed a significant rally on Friday, with the KSE-100 index soaring by 1,020.04 points, marking a remarkable 0.9% increase and reaching an impressive 114,856.78 points during intra-day trading.
Market Fluctuations and Trading Volume
Throughout the trading session, the market experienced fluctuations, hitting a high of 114,960.52 points and a low of 113,571.95. The trading volume stood at an impressive 94,340,778, with a total value of 10,212,346,025, indicating robust activity within the market.
Impact of Recent Events
This surge in the stock market comes on the heels of various significant events, including the announcement of the verdict in the £190 million case that resulted in the sentencing of Pakistan Tehreek-e-Insaf (PTI) founding chairman Imran Khan to 14 years. The market’s previous closure at 113,836.74 marked a positive shift in investor sentiment towards a steady market recovery.
Expert Insights and Future Outlook
Despite the recent decline driven by weak economic indicators, including a contraction in large-scale manufacturing (LSM) and cautious monetary policy stance by the State Bank of Pakistan, analysts remain cautiously optimistic about a potential market rebound. Key contributors to this decline included stocks like PPL, PSO, and Fauji Fertiliser Company, while others like Engro Holdings, Habib Metropolitan Bank, and Pakgen Power saw gains.
As the market continues to navigate through ongoing political uncertainties and economic challenges, the potential for a rebound remains contingent on resolving political issues and achieving economic stability. With trading volumes totaling 469 million shares and a total value of Rs25 billion, the market’s resilience and future trajectory remain subjects of keen interest and scrutiny.
