Business

PSX up three days in row, opens at 70,483.66 points

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Staff Reporter

2 years ago

KARACHI: Pakistan Stock Exchange (PSX) opens at 70,483.66 points on Wednesday, after posting notable rallies for the past two days.

The benchmark KSE-100 index broke beyond the psychological barrier of 71,000 points yesterday (Tuesday), then slightly declined to settle above the opening level of 70,544.58 points.

The KSE-100 index previously broke beyond the 70,000-point barrier for the first time on April 9 with a gain of 694 points. It had made an incredible jump of 1,203 points and reached a new high of 69,426 points just the day before.

Despite swings in the economy, the stock market’s continuous expansion is a sign of steady investor trust in the exchange. The Prime Minister’s discussions with Saudi Arabian delegations, which alluded to FDI inflows, the Finance Minister’s visit to the US for a second International Monetary Fund (IMF) program, and the strengthening of the Rupee versus the US dollar are some of the encouraging developments.

On the flipside, the continued inflationary pressures along with rising petroleum and energy costs are also keeping a downward pull on the investment climate in the country.

Staff Reporter