Bulls drive PSX to over 3,000 points gain amid renewed investor confidence
Business
PSX surged by 3,159.72 points to 184,616.05, recovering from bearish momentum as Pakistan's forex reserves rose by $16 million. Investor sentiment improved after a week of selling pressure
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) on Friday staged a strong recovery, snapping days long bearish momentum as increasing forex reserves have lifted investor sentiments.
During intraday trading, the KSE-100 index gained whooping 3,159.72 points to climb to 184,616.05 points, marking a positive change of 1.74% compared to previous close of 181,456.33 points.
Pakistan’s foreign exchange reserves inched up by $16 million over the past week, according to figures released by the State Bank of Pakistan.
The central bank said its official reserves rose from $16.0557 billion to $16.0718 billion, showing a modest gain during the week. Overall, the country’s total reserves climbed to $21.2484 billion.
The State Bank also noted that commercial banks’ holdings went up by $5.6 million, reaching $5.1927 billion.
Officials said the uptick offers some breathing space for the economy, even as the country continues to keep a close watch on external inflows and outflows.
A day earlier, the stock exchange dropped by over 1,100 points due to massive selling pressure.
