The market is being supported by the finance minister’s travel to the US to clinch another IMF program.
KARACHI: The Pakistan Stock Exchange (PSX) opened at Friday’s closing of 70,909.90 points. During the past week, the benchmark KSE-100 index crossed the psychological limit of 71,000 points before settling marginally below it, at 70,909 points.
The index showed over 200 points growth earlier in the day, but after 30 minutes of trade, it had gradually declined by 100 points. By the end of the day, the index had bounced back.
This index’s erratic movement is more a reflection of the uncertainty brought on by regional and global events than it is of shifting investor confidence.
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The market is being supported by the finance minister’s travel to the US to clinch another IMF program, the strengthening rupee, and the export sector; nonetheless, PSX is facing negative pressure due to the deteriorating Middle East scenario and the consequently cautious posture of foreign investors.
Today, the market once again opens on a cautious note, with potential for growth and recovery throughout the day.
