KARACHI: The Pakistan Stock Exchange (PSX) opened the new trading week on a strong note on Monday, with the benchmark KSE-100 index gaining more than 900 points in early trading.
At around 9:40am, the KSE-100 index was up 943.68 points, or 0.52 per cent, at 181,048.29, according to the PSX market summary. The index had gained 860.14 points, or 0.48pc, to 180,964.75 five minutes earlier.
The early rally was accompanied by broad-based buying as investors appeared to return to buying after a volatile and loss-making week. As of 9:40am, 280 stocks were advancing, compared with 83 declining, while 200 remained unchanged.
Trading activity was also brisk, with 50.26 million shares changing hands in 21,351 trades, with the traded value reaching around Rs1.77 billion.
Other major indices also moved higher. The All-Share Index gained 562.87 points, or 0.51pc, to 109,400.92, while the KSE-30 Index rose 279.79 points, or 0.52pc, to 53,883.36.
The KMI-30 Index climbed 1,502.42 points, or 0.59pc, to 254,490.68, while the BKTI advanced 221.50 points, or 0.42pc, to 52,160.68.
Market attempts to recover after weak week
The strong opening comes after a difficult week for the benchmark, which closed at 180,104 points, down 1,325 points over the four trading sessions. The market remained volatile, with the KSE-100 moving within a 2,568-point band, hitting a weekly high of 182,347 and a low of 179,778.
Despite the shortened trading week, 3.41 billion shares worth around Rs152 billion were traded, while market capitalisation declined by Rs107 billion to Rs20.13 trillion.
The previous week, it may be recalled here, had seen the KSE-100 surge by more than 5,300 points, making the subsequent decline a notable shift in sentiment as investors moved towards profit-taking and caution.
Trading was suspended on Friday because of the August 14 Independence Day holiday, with Thursday’s session ending with the KSE-100 down 206.61 points, or 0.11pc, at 180,104.61.
Market observers believe Monday’s early gains represent a tentative recovery from the previous week’s losses, although the index remains below the recent high of 182,347 points, leaving investors watching closely to see whether the buying momentum can be sustained through the session.
