PSX stages comeback after week-long bearish trend
Business
Investors shook off nervousness as a result of which the KSE-100 index rose to 114,113
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Friday regained some ground after week-long bearish trend triggered by escalating tensions between Pakistan and India in the aftermath of Pahalgam incident.
Investors shook off nervousness as a result of which the KSE-100 index rose to 114,127 after gaining 2,800 points during early hours of trading on Friday – the last day of business week. The trend persisted and day's index closed at 114,113.
There was no activity in the stock market on Thursday (May Day). On Wednesday, sharp downward trend was observed as selling pressure was all the rage due to geopolitical tensions between India and Pakistan.
On the third business day of the week, the stock market opened in negative territory. At one point the benchmark KSE-100 index dropped by more than 4,000 points to 110,631.
Later, it slightly recovered and eventrually closed at 111,326 after losing 3,545 points.
A day earlier (Tuesday), the KSE-100 index closed at 114,872 points with a gain of 808 points.
Read more: PSX suffers massive decline as geopolitical tensions persist
A late-night warning issued by Information Minister Attaullah Tarar of a likely military strike by India on Pakistan in the next 24 to 36 hours also sent shockwaves, resulting in increased selling in the PSX.
“Pakistan has credible intelligence that India intends to launch a military strike within the next 24 to 36 hours using the Pahalgam incident as a false pretext,” the minister said at a press conference as well as in a post on X (formerly Twitter).
The news made the investors jittery which resulted in selling spree in the PSX.
