Positive trend in PSX as index increases by 634 points

Karachi: The Pakistan Stock Exchange (PSX) has witnessed a bullish trend on the first day of the business week, with the benchmark KSE-100 index gaining 634 points in early trading.

According to the PSX website, the KSE-100 index rose 634 points or 0.88 percent to 72,536 at around 9:46am, which had closed at 71,902 yesterday.

It is pertinent to mention that on the last business day of last week (May 3), the benchmark SE-100 index had recovered to the psychological limit of 71,000 after increasing by 1,244 points in the stock exchange.

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 International Monetary Fund (IMF) and the upcoming budget being investor-friendly.

It may be recalled that on April 29, the 100-index of the Pakistan Stock Exchange 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 PSX 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.

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