Stock market shrugs off earlier losses, ends Friday 195 points up
The Pakistan Stock Exchange (PSX) managed to end the session in positive territory after struggling earlier in the day, as the KSE-100 Index closed at 32,033.20 after gaining 195.90 points.
During the early trading on Friday, the KSE-100 Index at point lost 460.20 points and slipped to 31,377.10 after starting the day from the level of 31,837.30. However, the market witnessed the recovery after that.
A total of 103,093,737 shares were traded during the session after which the index is down 21.36 percent since January 1.
Earlier on Thursday, bulls made a comeback as the KSE-100 index gained 866 points closing at 31,837.30, which represented a 2.80 percent increase.
The PSX has been unable to take advantage of the momentum gained during the last week, as the index is down by 24.19 percent since Jan 1.
On last Friday, the KSE-100 Index had closed the week at 31,621.79, meaning that market gained 2,116.21 points on Thursday and Friday.
This upward surge was in complete contrast with what the market witnessed in the previous weeks when the KSE-100 went south.
The recent series of extraordinary losses began last month. The KSE-100 Index was recorded at 39,382.11 on March 5 but it ran into a downward slide since then till it reached 27,228.80 on March 25.
However, it saw some recovery after that as the KSE-100 Index reached 31,621.79 on April 3 followed by an overall trend of losses with the index currently recorded at 32,033.20.