KARACHI: The Pakistan Stock Exchange (PSX) extended gains on Friday and the KES-100 index crossed the 42,000-point mark as investors remained positive about the budget announcement that took place after the market had closed.
Trading began with a spike. However, the market was leveled shortly after and the KSE-100 index traded in a narrow range throughout the first session before closing 99 points up.
The market staged a rally in the second session and the benchmark index rose sharply in the final hour to end with modest gains.
The KSE-100 index rose 278.77 points or 0.67% to close at 42,014.73 points.
On the economic front, the rupee weakened by 0.78% or Rs1.58 against the US dollar to close at Rs202.35.
Additionally, the State Bank of Pakistan’s reserves declined by $497 million to $9.23 billion (lowest since November 2019) on a weekly basis. Net reserves with banks were down by $98 million.
