KARACHI : The Pakistan Stock Exchange (PSX) on Tuesday continued upward journey after previous day’s historic surge.Investors have regained confidence after war clouds dissipate and the recent approval of $1m by the International Monetary Fund (IMF) under the Extended Fund Facility.
On Tuesday, the KSE-100 index soared past 120,000 figure (120,067 to be precise) after gaining 2,000 points during early hours of trading.
The PSX gained ground on Monday – the first day of the week – after a ceasefire agreement between Pakistan and India. The IMF loan tranche approval also proved a shot in the arm.During the opening session on the first day of the week, the stock market initially climbed to 117,104.11 points – a gain of staggering 9,928 points – as investors seemed confident following the positive developments on political and economic fronts.
Later, the KSE-100 index traded at 9,475.49 points to hit 116,650.12 points with a positive change of 8.84 percent, forcing the suspension of the market for one hour.Resumption of trading further improved the situation and the index eventually closed at 117,297 after spike of 10,123 points.
Experts attributed the historic surge to a powerful convergence of positive developments, with the most significant catalyst being the ceasefire agreement between India and Pakistan.
The announcement of the ceasefire came after weeks of tension following the Pahalgam attack, which had triggered aggressive selloffs and fueled widespread investor concerns.
