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PSX witnesses bullish trend as 100 index gains 816 points

PSX witnesses bullish trend as 100 index gains 816 points

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday witnessed a bullish run as the index gained 816 points at the end of the day after remaining on a losing streak until the first day day of this week.

The PSE-100 index crossed the 40,000 mark and ended the day with 40631 points. A major sum of Rs 120 billion entered the market to improve the market value.

The day begin with a positive trend at the PSX on Wednesday and the first half also witnessed a gain in 455 points, crossing the 40,000 mark to boost investors confidence.

The rising trend has begun from Tuesday that saw an increasing trend as compared to first trading day of the week, when the KSE-100 index had lost 847 points.

The stock market (PSX) in the previous week followed similar trend and lost massive 1,487 points or 3.6pc, representing the highest weekly decline in recent months during which the market regained much stability, and dropped to 40,143.63 at close on Friday.

According to reports, a staggering sum of Rs276 billion was wiped off the market capitalisation at the Pakistan Stock Exchange (PSX) in five-day trading of the last week. Foreign investors were net sellers in the equity market, offloading $4.1 million worth of shares.