PSX Index Closes With a Gain of 657 Points

Muhammad Haris

Pakistan Stock Exchange closed on a strong note following last week’s slide of more than 1300 on the IMF country report that most of the targets set for economic growth have been achieved comfortably with the rupee continuously showing recovery.

The PSX index closed with a gain of 657 points or 1.04% to 63939 points.
The trend turned positive following last week’s skirmish at borders where Iran first attacked inside Pakistan, then the Pakistani army retaliated and attacked back which raised concern amongst the investors.

However, with Chinese mediation offered with similar support arriving from the Middle East cooled down the temperature.

Ahsan Mehanti from Arif Habib said that stocks closed bullish on late session speculations over reports of government’s decision to partially settle up to Rs 1.3 trillion power sector circular debt and restoration of diplomatic ties with Iran.

IMF’s affirmation of satisfactory performance under SBA and strong economic outlook played a catalyst role in the bullish close at PSX.

The government moves to resolve circular debt and the IMF document revealed that the government gave assurance to raise gas prices by Feb 15 to bring more investors gluing to gas and exploration sectors.Stock Market Loses over 1000 Points Amid Tension with Iran

The Forex market saw continuous appreciation in the value of the rupee against the dollar. The domestic currency improved by five paisa to close at Rs 279.85. In an open market, the dollar fell by 25 paisa to Rs 281.50.