PSX soars by 1277 points as stock market regains 30,000 level

KARACHI: The Pakistan Stock Exchange (PSX) soared on Thursday by over 1200 points to regain the 30,000 points levels after increased investor confidence amid the threat of the coronavirus crisis.

The benchmark KSE 100 index gained by 1277.09 points, witnessing a satisfactory increase of 4.33 percent, and close at 30,782.66 points. The stock market regained the 30,000 points which it lost last months as the coronavirus crisis took a toll on equity markets. Investors returned to the stock market leading to valued buying at the local bourse. The total volume of shares was 226.570 million valued at Rs9.466 billion.

Meanwhile, the lower bench KSE 30 index also increase by 625.58 points and closed at 13.546.88 points. The index also observed a healthy gain of 4.84 percent, while the total volume of scripts was 110.990 points. There was an increase in share prices notably Hascol (8.49%), KEL (6.79%), Unity (7.29%), MLCF (7.50%), BOP (5.31%), followed by WTL (1.35%), Power (17.58%), FFCL (7.50%), PPL (7.47%) and OGDC (7.50%).

The stock market has continued to advance for the third day in a row. The optimism has been linked to the economic and financial stimulus provided to minimize the adverse effect of the coronavirus crisis. The relief package has acted as a catalyst leading to an upward trajectory at the stock market.

The headline inflation rate has reduced in the ongoing month which improved investor confidence even further. The Consumer Price Index (CPI) was recorded at 10.24 percent for March 2020 as compared to 12.4 percent last month. The market continues its upward trend but largely remains range-bound.