KARACHI: Bullish trend was witnessed in the Pakistan Stock Exchange (PSX) on Friday, the last trading day of the week. The benchmark KSE-100 Index witnessed a massive recovery and at the opening bell, the index went up by 638 points to cross the level of 43,000 points.
The market is currently trading at 43,161 points level. This is the highest level of the 100-Index achieved in the last 17 months in the country’s history. The PSX and the stocks across the globe lost number of points after Iran attacked US troops in Baghdad, Iraq with ballistic missiles on Wednesday.
However, the investors are gaining their confidence back, especially after US President Donald Trump’s address to his nation in which he ruled out direct military action against Iran.
The Pakistan Stock Exchange Wednesday had witnessed a bearish trend, despite bullish due to panic selling after Iran’s missile attack on US-led forces in Iraq.
However, Pakistan Stock Exchange on Thursday witnessed bullish trend as the KSE-100 Index closed at 42,523.07 points as compared to 41,357.56 points on the last working day with a positive change of 1032 points. The Index traded in a range of 1197.92 points or 2.90 percent of previous close, showing an intraday high of 42,555.48 and a low of 41,357.56.
Of the 92 traded companies in the KSE100 Index 83 closed up while 9 closed down. Total volume traded for the index was 249.49 million shares. All Share Volume increased by 82.42 million to 362.49 million Shares. Market Cap increased by Rs173.56 billion.