Stock Exchange sees correction after another volatile start
The Pakistan Stock Exchange (PSX) was witnessing correction after a volatile beginning as the KSE-100 Index stood at 33,185.82 after gaining 319.09 points during the early trading on Monday.
At one point, the index had jumped to 33,875.54 as it gained 1,025.71 points but the trend was reversed after that.
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 the 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.
Monday’s session had witnessed trading of 160,841,216 shares by the time this report was being filed at 12:04pm.
With the recent gains, the KSE-100 Index has reduced the losses since January 1 to 18.62 percent.