PSX 100 Index makes new history

Karachi: Pakistan Stock Exchange (PSX) continued its strong bullish trend on the first day of the business week. The benchmark KSE-100 Index increased by 633 points to cross the psychological level of 84,000 on Monday.

According to the PSX website, at around 10:49am, the KSE-100 Index rose 633 points to 84,165, which had closed at 83,531 on the last trading day.

It is pertinent to note that on Friday, October 4, the index increased by 810 points and closed at 83,531.

Earlier, on the first day of the month, October 1, the index had increased by 690 points to reach 81,114.

On September 30, the PSX had a bullish first day of the business week and the benchmark SE-100 Index lost 910 points. However, at the close of business, the index recovered slightly after a decline of 177 points or 0.22 percent to settle at 81,114.

AKD Securities Director Research Awais Ashraf said that they expect the approval of the loan program by the International Monetary Fund (IMF) to have a positive impact on the economy as it will stabilize the external accounts.

Shahab Farooq, director of research at Next Capital Limited, attributed this negative trend to the overall situation in the Middle East.

It is pertinent to note that despite the approval of the bailout package of $7 billion by the IMF on September 26, the bullish trend turned bearish during the initial trading in the stock exchange and the index fell by 589 points.

A day earlier, the benchmark SE-100 Index had recovered by 764 points to reach the psychological limit of 82,000.