Karachi: The Pakistan Stock Exchange (PSX) witnessed an extraordinary rally on the second day of the trading week, which infused new life into the market. Due to strong investor buying, the 100 index recorded a spectacular rise of 7,032 points and the index closed at 165,476 points.
At one point during the market, the index reached a low of 160,821 points, however, the confident attitude of investors and institutional buying supported the market, as a result of which the index also achieved a high of 165,866 points.
Unlike yesterday when the market closed at 158,443 points, today’s spectacular rally has made up for a large part of the decline of the past six days in a single day.
Experts say that this positive trend in the market has emerged due to several important factors. These include indicators such as the expected staff level agreement from the IMF, the improvement in the value of the rupee, and the return of foreign investors.
According to economist Kamran Bukhari, “The current trend of the market is an indication that investors are now showing confidence in the recovery of the economy. If this trend continues, the stock market may become more stable in the coming days.”
On the other hand, brokerage houses say that if political stability and continuity in monetary policies continue, the index can also cross the 170,000 point level.
