KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed an upward trajectory as geo-political tensions eased the burden on the stock market.
The benchmark KSE 100 index saw an increase of 1,165.51 points or an increase of 2.83 percent. The bourse regained control to cross the 42,000 level after a week of uncertainty. The indices finally settled at 42,523.07 points before trading was suspended. The total volume of scripts crossed to 249.49 valued at Rs11.69 billion.
Meanwhile, the lower bench KSE 30 index also gained 588.04 (3.08%) points. The total volume of scripts was 143.47 million. Share price increased with the most active stocks being BOP (6.44%), K-Electric (6.77%), Unity (6.25%), World Call (2.31%), STPL (9.96%), TRG (4.96%) and MLCF (4.99%).
There has been uncertainty looming over the stock market this week as regional tensions reversed the gains. Iran launched missiles at US bases in relation for the killing of Iranian commander stoking fears of further escalation. The recent statements by US President Trump that Iran seems to be backing down seemed to restore calm.
Regional tension causes a spike in oil price in the international market but oil and gas exploration firms in Pakistan saw decrease in stock investment. The local stock market took cues from foreign market on Wednesday as the bourse shed over 500 points in intra-day trading.
The benchmark KSE 100 index closed at 41,357.56 points after losing 546.91 points or 1.32 percent during intra-day trading. The indices failed to regain control hovering between 41,939.47 and 41,173.95 points before trading was suspended. The total volume of scripts was 209.2 million worth Rs10.35 billion.
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