PSX surges with index rising 700 points

Karachi: Pakistan Stock Exchange (PSX) Monday witnessed a positive trend during the early trading. The benchmark SE-100 index recorded a gain of 700 points.

According to the PSX website, at around 10:18am, the KSE-100 index rose 701 points to 78,731, which had closed at 78,29 the previous day.

It is pertinent to note that while addressing the news conference after his return from China yesterday, Muhammad Aurangzeb said that China has acknowledged Pakistan's foreign exchange woes and wants to play its part in supporting Pakistan's case on the International Monetary Fund (IMF) board, as well as helping with new business ventures and the re-profiling of energy sector payments.

He stated that the process of debt and equity rescheduling has been initiated and will now go into working groups with relevant financial institutions and sponsors of Chinese projects for which Pakistan is hiring local Chinese consultants.

Notably, after two consecutive days of sharp decline on July 23, a strong bullish trend was observed in the Pakistan Stock Exchange and the benchmark SE-100 index increased by 917 points.

A sharp bearish trend was seen during the last trading day on July 19, when the benchmark KSE-100 index fell by over 1,900 points at one point, but the index lost 1,721 points to close at 80,117.

The stock market was bullish after the staff level agreement with the IMF on July 13 and the KSE-100 index rose 1,211 points to hit a new high of 81,000 on July 15.

On July 3, the benchmark SE-100 index crossed the psychological threshold of 80,000 points for the first time in history after gaining 680 points.

Earlier, the benchmark KSE-100 index rose 877 points to cross the 77,000 mark for the first time in history on June 14 after the budget was presented on June 12.