PSX surges as KSE-100 jumps more than 600 points during intra-day trading

Pakistan Stock Exchange (PSX) opened strong today, with the KSE-100 index posting a gain of 631.01 points, marking a 0.78% increase.

The index currently stands at 81,745.21 points, showing robust investor activity following a sluggish start to the week.

In the intra-day trading session, the index reached a high of 81,757.61 points and a low of 81,119.24 points.

A total of 96.42 million shares were traded, with the value of shares traded amounting to Rs7.05 billion, market is not closed yet.

Earlier, yesterday, Pakistan Stock Exchange (PSX) experienced a significant drop as the KSE-100 index fell by over 600 points during intra-day trading, closing at 81,114.20 with a decrease of 177.93 points, or 0.22%.

The market opened sharply lower at 80,652.71, reflecting a 639.42-point drop (0.79%). Although it hit a session high of 81,321.63 points, the index remained unstable, with a trading volume of nearly 45 million shares and a trade value of Rs. 3.4 billion.

Last week, the market surged past 82,000 points following the approval of a $7 billion Extended Fund Facility (EFF) from the IMF, providing financial relief and unlocking additional funds from other creditors. However, profit-taking and foreign investor selling led to a decline of almost 800 points by week’s end. Concerns over IMF loan conditions, including tax reforms and the removal of energy subsidies, further eroded investor confidence.

Despite securing financing assurances from China, Saudi Arabia, and the UAE, sectors like power generation, oil, gas, and technology negatively impacted market performance. Foreign investors offloaded $12.5 million in stocks, and average trading volumes dropped by 17%. However, the Pakistani rupee saw slight appreciation, and the State Bank of Pakistan’s reserves posted a modest increase.