Stock market continues postive trend, regains 32,000 points level

KARACHI: The Pakistan Stock Exchange (PSX) continued the upward trajectory for the second consecutive day on Friday ending the week on a positive note.

The benchmark KSE 100 index witnessed an increase of 195.90 points (0.62%) and closed at 32,033.20 points. The bourse rose steadily and crossed the 32,000 level before trading was suspended. However, the total volume of shares declined to 103.093 million valued at Rs4.56 billion.

The KSE 30 index witnessed a miniscule gain of 59 points (0.42%) and closed at 14,205.20 points. The share prices of top active stocks increased including KEL (0.69%), MLCF (0.50%), DGKC (2.65%), TRG (6.80%), PAEL (7.10%), PIOC (5.06%) and BOP (2.62%).

The rally at the stock market was subdued as compared to Thursday when the bourse soared by 866.03 points and settled at 31,387.30 points. Local investors flocked to the stock market for valued investments as foreign investors continued to dump stocks.

Many investors were also relieved as the International Monetary Fund (IMF) announced a budgetary grant of $1.4 billion by next week to improve the economic slowdown due to the coronavirus pandemic and to shore up foreign reserves.