Stock Exchange makes more gains as session closed for Monday
The Pakistan Stock Exchange (PSX) ended the session on a strong note as the KSE-100 Index closed at 33,499.65 after gaining 667.82 points.
Earlier, the market witnessed correction after a volatile beginning as index at one point had jumped to 33,875.54 with a gain of 1,025.71 points after starting from the level of 32,831.83.
At the onset, it looked that the trading session would be a repeat of Friday when the market had gained 1,502.37 points, but the market started experiencing the opposite after reaching the high point of 33,857.54.
On Friday, trading was halted at the PSX after the KSE-100 jumped by 1,559 points (5 percent). Although the market has repeatedly witnessed trade suspension since the beginning of March because of losses, this application of the mechanism was first in the case of upward movement.
Even after resumption, the index continued climbing and had gained 1,958 points before settling at with a gain of 1,502.37 by closing at 32.831.83.
The latest positive sentiments at the stock exchange are a result of the 200 basic points cut in the policy rate by the State Bank of Pakistan last week, which has been a demand of businessmen for the last many months.
With the recent gains, the KSE-100 Index has reduced the losses suffered since January 1 to 17.76 percent.