PSX gains over 400 points

Karachi: The Pakistan Stock Exchange (PSX) on Monday soared by over 400 points.

The benchmark 100-index was up 419 points, or trading at 45,732, as the market appeared to have fresh buying activity.

The stock market experienced a sharp decline last week as a result of significant selling prompted by concerns over the depreciating rupee and potential future interest rate hikes.

On a weekly basis, the benchmark KSE-100 index fell 2,358.56 points and ended the week at 45,312.66 points.

However, buying was witnessed in index-heavy sectors on Monday with automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies and OMCs trading in positive.

Earlier, the Pakistan Stock Exchange (PSX) on Thursday lost over 1750 points and the analysts attributed the steep fall to the uncertain political conditions of the country.

The KSE-100 index maintained its bearish trend, dropping by 1784 points to 44,459 by 3pm, down from yesterday’s close of 46,244.55.

Economic experts claim that a lack of understanding of politics and the economics was to blame for the decline in the KSE.

The market is facing selling pressure due to economic uncertainty and the unrelenting depreciation of the rupee.