Bullish trend in PSX as 100 index gains 313 points on last day of trading week
- By Reuters -
- Feb 01, 2019
KARACHI: Following the announcement of much-awaited monetary policy, Pakistan Stock Exchange (PSX) on Friday, showed an upward trend as the 100-index gained 313 points, ARY News reported.
The benchmark index shot up following the start of trading and was closed at 41,112 points level.
The economic activities in the PSX are gearing up after the financial aid from the Saudi Arabia, United Arab Emirates (UAE) and China’s consent to help Pakistan to face this crunch economic situation.
Investors are hoping that the market would perform better as the biggest challenge to the economy – the current account deficit – has started narrowing down.
Read more: Govt’s economic package boosts traders’ confidence in PSX
Banks and oil and gas exploration firms, which carry almost 40% weight in the benchmark KSE-100 index, would help the index perform better in the year 2019, analysts say.
PSX in 2018
Pakistan Stock Exchange, widely regarded as a barometer of the country’s economy, in 2018 shattered the investor confidence following wide-ranging upheavals in the political landscape and global economic condition.
The year 2018 started with PSX 100 index at 40,471 points but lost over 2,000 points by the end of the year. Prices of different companies’ stocks declined by more than Rs700 billion.