PSX maintains upward trend as index high by 427 points

Karachi: The Pakistan Stock Exchange (PSX) Tuesday continued its positive trend, with the benchmark SE-100 index gaining 427 points in early trading.

According to the PSX website, the KSE-100 index rose 427 points or 0.59 percent to 73,191 at around 10:40 am.

It is pertinent to note that yesterday KSE-100 index closed at 72,764 points with an increase of 862 points. A total of 364 companies' shares were traded, 257 companies' share prices increased while 107 companies' shares decreased.

Adnan Sheikh, Assistant Vice President of Pak-Kuwait Investment Company, said that the market boomed after the arrival of the Saudi delegation and the statement of the mission visit by the International Monetary Fund (IMF).

Earlier, on the last business day of last week (May 3), the benchmark SE-100 index rose 1,244 points to the psychological level of 71,000.

Tahir Abbas, Head of Research, Arif Habib Limited observed that after the three percent correction in the last three days, there is a bullish trend in the market.

He said that investors are optimistic about the new program with the IMF and the upcoming budget being investor-friendly.

It may be recalled that on April 29, the 100-index of the PSX reached an all-time high of 73,000 points, after which the index fell to 70,657 on May 2 after a gradual decline over the next few days.

Earlier on April 26, the Pakistan Stock Exchange witnessed a strong rally and the benchmark KSE-100 index closed at a record high of 72,742 points after gaining 771 points.

On April 24, the benchmark SE-100 index surged 692 points to cross the psychological level of 72,000 for the first time in history.

While, on April 22, the 100 index gained 523 points or 0.74% to touch a high of 71,433 points.