PSX witnesses bullish trend, gains 2.86pc

KARACHI: Just a day after witnessing the major drop, the Pakistan Stock Exchange (PSX) benchmark went up on Wednesday and closed on a bullish trend with a 2.86 percent increase compared to the previous closing day, ARY News reported.

As per the PSX market highlights, the KSE-100 index increased by 1692.65 points, showing a 2.86 percent change. The current index closed at 60,863.62 points compared to the previous close of 59,170.97 points.

Yesterday, the KSE-100 index had dropped 2,534 points or 4.1 percent from the preceding session to 59,170.97 points, down 11 percent from an all-time high of 66,427 points.

Last week, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) plunged over 2,600 points during intra-day trading on Tuesday.

According to the market, the PSX lost 2,633 points and the 100 index dropped below the 63,000 points mark.

The market was reported trading at 62,571 around 2:30 pm.

The benchmark KSE-100 index maintained its bullish run for over a month, following the successful conclusion of a staff-level deal with the International Monetary Fund (IMF).

According to market experts, the bearish trend was mainly fuelled by stocks in the exploration and production (E&P), fertilizer and banking sectors.